Vulcan Value Partners LLC Sells 127,937 Shares of MillerKnoll, Inc. (NASDAQ:MLKN)

Key Points

• Vulcan Value Partners LLC has reduced its stake in MillerKnoll, Inc. by 10.2% during the first quarter, now owning approximately 1.12 million shares valued at $21.73 million.
• MillerKnoll reported Q1 earnings of $0.60 per share, exceeding analysts' expectations of $0.44, with a revenue increase of 8.2% year-over-year.
• The company declared a quarterly dividend of $0.1875 per share, representing a 4.0% yield, with a payout ratio of -133.93%.

Vulcan Value Partners LLC cut its holdings in shares of MillerKnoll, Inc. (NASDAQ:MLKN - Free Report) by 10.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,124,156 shares of the company's stock after selling 127,937 shares during the period. Vulcan Value Partners LLC owned approximately 1.66% of MillerKnoll worth $21,727,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in MillerKnoll by 3.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,820,581 shares of the company's stock worth $86,306,000 after acquiring an additional 121,478 shares in the last quarter. Deprince Race & Zollo Inc. bought a new position in MillerKnoll during the fourth quarter worth about $32,283,000. Forager Capital Management LLC lifted its holdings in MillerKnoll by 23.9% during the fourth quarter. Forager Capital Management LLC now owns 1,181,841 shares of the company's stock worth $26,698,000 after acquiring an additional 228,000 shares in the last quarter. LSV Asset Management lifted its holdings in shares of MillerKnoll by 0.6% in the fourth quarter. LSV Asset Management now owns 938,436 shares of the company's stock valued at $21,199,000 after purchasing an additional 5,690 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of MillerKnoll by 43.7% in the fourth quarter. Millennium Management LLC now owns 877,809 shares of the company's stock valued at $19,830,000 after purchasing an additional 267,097 shares in the last quarter. 87.50% of the stock is currently owned by institutional investors.

MillerKnoll Price Performance

Shares of MLKN stock traded down $0.77 during trading on Friday, hitting $18.21. The company had a trading volume of 419,792 shares, compared to its average volume of 405,679. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.94 and a current ratio of 1.58. The firm has a market capitalization of $1.23 billion, a P/E ratio of -32.52, a price-to-earnings-growth ratio of 0.84 and a beta of 1.22. The stock's 50-day moving average price is $18.70 and its 200 day moving average price is $19.05. MillerKnoll, Inc. has a one year low of $15.25 and a one year high of $30.56.

MillerKnoll (NASDAQ:MLKN - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.16. The business had revenue of $961.80 million during the quarter, compared to analysts' expectations of $913.80 million. MillerKnoll had a positive return on equity of 10.44% and a negative net margin of 1.01%. The firm's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.67 earnings per share. Equities analysts expect that MillerKnoll, Inc. will post 2.12 EPS for the current fiscal year.

MillerKnoll Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Sunday, August 31st will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 29th. MillerKnoll's payout ratio is -133.93%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wall Street Zen upgraded MillerKnoll from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Benchmark upgraded MillerKnoll to a "hold" rating in a report on Friday, June 27th.

About MillerKnoll

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.