MillerKnoll (NASDAQ:MLKN) Shares Gap Up on Strong Earnings

Shares of MillerKnoll, Inc. (NASDAQ:MLKN) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $17.62, but opened at $19.21. MillerKnoll shares last traded at $18.67, with a volume of 468,593 shares trading hands.

The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.16. The firm had revenue of $961.80 million during the quarter, compared to analysts’ expectations of $913.80 million. MillerKnoll had a negative net margin of 1.01% and a positive return on equity of 10.40%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the company posted $0.67 EPS.

MillerKnoll Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Sunday, June 1st will be paid a $0.1875 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 3.78%. MillerKnoll’s payout ratio is presently 178.57%.

Analyst Ratings Changes

Several research firms recently issued reports on MLKN. Sidoti raised MillerKnoll to a “hold” rating in a research note on Tuesday, March 25th. Wall Street Zen upgraded shares of MillerKnoll from a “hold” rating to a “buy” rating in a research note on Monday, May 12th.

Institutional Investors Weigh In On MillerKnoll

Several large investors have recently added to or reduced their stakes in MLKN. Intech Investment Management LLC lifted its holdings in MillerKnoll by 20.4% during the 1st quarter. Intech Investment Management LLC now owns 131,134 shares of the company’s stock worth $2,510,000 after buying an additional 22,238 shares in the last quarter. Jane Street Group LLC increased its position in shares of MillerKnoll by 311.8% during the first quarter. Jane Street Group LLC now owns 414,275 shares of the company’s stock worth $7,929,000 after acquiring an additional 313,684 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of MillerKnoll by 7.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 197,932 shares of the company’s stock valued at $3,788,000 after acquiring an additional 13,099 shares in the last quarter. Empowered Funds LLC boosted its holdings in MillerKnoll by 2.0% in the first quarter. Empowered Funds LLC now owns 385,233 shares of the company’s stock valued at $7,373,000 after purchasing an additional 7,711 shares during the period. Finally, Petrus Trust Company LTA acquired a new position in MillerKnoll during the 1st quarter worth $340,000. 87.50% of the stock is owned by hedge funds and other institutional investors.

MillerKnoll Price Performance

The company has a 50 day moving average of $16.93 and a 200 day moving average of $19.60. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.05 and a current ratio of 1.67. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -35.39, a PEG ratio of 0.77 and a beta of 1.17.

MillerKnoll Company Profile

MillerKnoll, Inc researches, designs, manufactures, and distributes interior furnishings worldwide. It operates through three segments: Americas Contract, International Contract & Specialty, and Global Retail. The company also provides seating products, furniture systems, other freestanding furniture elements, textiles, leather, felt, home furnishings and related services, casegoods, storage products, as well as residential, education, and healthcare furniture solutions.