MillerKnoll (NASDAQ:MLKN) Downgraded by StockNews.com to Buy

MillerKnoll (NASDAQ:MLKN) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Monday.

MillerKnoll Price Performance

Shares of MillerKnoll stock traded up $0.79 during trading hours on Monday, reaching $24.28. 1,327,014 shares of the company’s stock were exchanged, compared to its average volume of 644,873. MillerKnoll has a 1 year low of $19.10 and a 1 year high of $31.73. The company has a market capitalization of $1.74 billion, a P/E ratio of 21.87, a price-to-earnings-growth ratio of 0.99 and a beta of 1.18. The business has a fifty day moving average of $28.38 and a two-hundred day moving average of $27.40. The company has a quick ratio of 0.92, a current ratio of 1.53 and a debt-to-equity ratio of 0.93.

MillerKnoll (NASDAQ:MLKN) last released its earnings results on Thursday, September 19th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.04). The firm had revenue of $861.50 million for the quarter, compared to analysts’ expectations of $889.38 million. MillerKnoll had a return on equity of 10.94% and a net margin of 2.27%. The firm’s quarterly revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.37 earnings per share. As a group, research analysts predict that MillerKnoll will post 2.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MillerKnoll

Several hedge funds have recently modified their holdings of MLKN. Hennessy Advisors Inc. purchased a new position in shares of MillerKnoll in the fourth quarter valued at $23,342,000. Pacer Advisors Inc. increased its position in shares of MillerKnoll by 15.3% in the second quarter. Pacer Advisors Inc. now owns 4,015,462 shares of the company’s stock valued at $106,370,000 after buying an additional 532,427 shares in the last quarter. Norges Bank purchased a new position in shares of MillerKnoll in the fourth quarter valued at $13,111,000. Dimensional Fund Advisors LP increased its position in shares of MillerKnoll by 12.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,392,354 shares of the company’s stock valued at $89,864,000 after buying an additional 377,121 shares in the last quarter. Finally, Empowered Funds LLC purchased a new position in shares of MillerKnoll in the first quarter valued at $7,311,000. 87.50% of the stock is owned by institutional investors and hedge funds.

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.