MillerKnoll (NASDAQ:MLKN) Trading 6.9% Higher - Here's Why

Key Points

• MillerKnoll's stock price increased by 6.9% on Monday, trading as high as $19.80, with a last traded price of $19.47.
• The company has announced a quarterly dividend of $0.1875 per share, indicating a 3.8% yield, with a payout ratio of -133.93%.
• Analysts have upgraded MillerKnoll's rating from "hold" to "buy", indicating positive sentiment about the company's future performance.

MillerKnoll, Inc. (NASDAQ:MLKN - Get Free Report)'s stock price traded up 6.9% on Monday . The stock traded as high as $19.80 and last traded at $19.47. 90,795 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 548,219 shares. The stock had previously closed at $18.21.

Analysts Set New Price Targets

MLKN has been the topic of a number of research reports. Benchmark raised MillerKnoll to a "hold" rating in a report on Friday, June 27th. Wall Street Zen raised MillerKnoll from a "hold" rating to a "buy" rating in a research note on Monday, May 12th.

MillerKnoll Stock Up 7.4%

The company has a quick ratio of 0.94, a current ratio of 1.58 and a debt-to-equity ratio of 1.03. The company has a market capitalization of $1.33 billion, a P/E ratio of -34.92, a price-to-earnings-growth ratio of 0.84 and a beta of 1.22. The company has a 50-day moving average of $18.70 and a two-hundred day moving average of $19.05.

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

MillerKnoll Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Sunday, August 31st will be issued a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Friday, August 29th. MillerKnoll's payout ratio is currently -133.93%.

Institutional Investors Weigh In On MillerKnoll

Institutional investors have recently modified their holdings of the stock. Studio Investment Management LLC increased its stake in shares of MillerKnoll by 29.9% in the 4th quarter. Studio Investment Management LLC now owns 2,149 shares of the company's stock valued at $49,000 after purchasing an additional 495 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of MillerKnoll by 793.5% during the fourth quarter. Sterling Capital Management LLC now owns 2,198 shares of the company's stock worth $50,000 after buying an additional 1,952 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of MillerKnoll during the first quarter worth about $70,000. CWM LLC raised its holdings in MillerKnoll by 346.9% in the 2nd quarter. CWM LLC now owns 5,072 shares of the company's stock valued at $99,000 after acquiring an additional 3,937 shares during the last quarter. Finally, Headlands Technologies LLC boosted its position in MillerKnoll by 816.5% in the 1st quarter. Headlands Technologies LLC now owns 7,213 shares of the company's stock valued at $138,000 after buying an additional 6,426 shares during the last quarter. 87.50% of the stock is owned by institutional investors.

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.

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