MillerKnoll (NASDAQ:MLKN) Shares Gap Up on Better-Than-Expected Earnings

Shares of MillerKnoll, Inc. (NASDAQ:MLKN - Get Free Report) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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.

The company reported $0.60 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.16. The firm had revenue of $961.80 million during the quarter, compared to the consensus estimate of $913.80 million. MillerKnoll had a positive return on equity of 10.44% and a negative net margin of 1.01%. The business's revenue was up 8.2% compared to the same quarter last year. During the same period last year, the company earned $0.67 earnings per share.

MillerKnoll Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders 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 yield of 3.79%. MillerKnoll's dividend payout ratio is 178.57%.

Analyst Ratings Changes

MLKN has been the subject of several research analyst reports. Sidoti upgraded MillerKnoll to a "hold" rating in a research note on Tuesday, March 25th. Wall Street Zen upgraded MillerKnoll from a "hold" rating to a "buy" rating in a research note on Monday, May 12th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC boosted its stake in shares of MillerKnoll by 458.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,463 shares of the company's stock worth $33,000 after acquiring an additional 1,201 shares during the period. SG Americas Securities LLC bought a new position in shares of MillerKnoll during the 1st quarter worth approximately $624,000. Amundi boosted its stake in shares of MillerKnoll by 207.3% during the 4th quarter. Amundi now owns 40,433 shares of the company's stock worth $884,000 after acquiring an additional 27,276 shares during the period. GAMMA Investing LLC boosted its stake in MillerKnoll by 2,189.3% in the 1st quarter. GAMMA Investing LLC now owns 46,472 shares of the company's stock valued at $889,000 after purchasing an additional 44,442 shares during the period. Finally, Northern Trust Corp boosted its stake in MillerKnoll by 8.5% in the 4th quarter. Northern Trust Corp now owns 812,549 shares of the company's stock valued at $18,355,000 after purchasing an additional 63,494 shares during the period. 87.50% of the stock is currently owned by institutional investors.

MillerKnoll Price Performance

The company has a 50 day moving average of $17.01 and a 200-day moving average of $19.49. The firm has a market capitalization of $1.34 billion, a P/E ratio of -35.38, a P/E/G ratio of 0.87 and a beta of 1.17. The company has a current ratio of 1.58, a quick ratio of 0.94 and a debt-to-equity ratio of 1.03.

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.