The Public Sector Pension Investment Board has increased its holdings in MillerKnoll, Inc. (NASDAQ: MLKN) by 14.5% during the third quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The investment board now owns 264,533 shares of MillerKnoll, which is valued at approximately $4.69 million.
This increase follows the acquisition of an additional 33,538 shares during the third quarter, reflecting a growing confidence in the company’s future. The Public Sector Pension Investment Board’s stake represents around 0.39% of MillerKnoll’s outstanding shares.
Several other institutional investors have also made significant adjustments to their positions in MillerKnoll. Notably, Arrowstreet Capital Limited Partnership raised its holdings by 81.7% during the second quarter, now owning 798,349 shares worth $15.5 million. Y Intercept Hong Kong Ltd reported a remarkable increase of 711.1% in its stake during the third quarter, bringing its total to 87,330 shares, valued at $1.55 million.
Deprince Race & Zollo Inc. boosted its shares by 10.6% to reach 1,989,356 shares, valued at $35.29 million, while SG Americas Securities LLC increased its holdings by 704.0% during the same period. Currently, institutional investors and hedge funds own around 87.5% of MillerKnoll’s stock.
MillerKnoll’s Financial Performance and Dividend Announcement
As of the latest trading session, shares of MillerKnoll opened at $21.91. The company’s performance metrics reveal a debt-to-equity ratio of 1.02, a current ratio of 1.66, and a quick ratio of 0.95. MillerKnoll boasts a market capitalization of $1.5 billion, a price-to-earnings (P/E) ratio of -56.18, and a beta of 1.33. The stock has fluctuated between a fifty-two week low of $13.77 and a high of $23.18.
In addition to the stock performance, MillerKnoll recently declared a quarterly dividend of $0.1875 per share, which will be paid on April 15, 2024. Record holders as of February 28, 2024 will receive this dividend, resulting in an annualized yield of 3.4%. The company’s dividend payout ratio currently stands at -192.31%.
Analyst Ratings and Market Outlook
MillerKnoll has been the subject of numerous analyst reports. Zacks Research downgraded the company’s stock from a “strong-buy” to a “hold” rating on December 1, 2023. Similarly, Wall Street Zen adjusted its rating from “buy” to “hold” on January 10, 2024. Weiss Ratings issued a “sell (D+)” rating on December 29, 2023. In contrast, William Blair initiated coverage with an “outperform” rating on February 10, 2024.
Currently, one analyst has given the stock a “buy” rating, three have recommended holding, and one has issued a sell rating. According to data from MarketBeat.com, MillerKnoll’s stock holds a consensus rating of “hold,” reflecting a cautious outlook from market experts.
MillerKnoll, Inc., formed in July 2021 through the merger of Herman Miller and Knoll, specializes in designing and manufacturing furniture, lighting, textiles, and accessories for both residential and commercial markets. With a diverse portfolio that includes notable brands such as Herman Miller and Knoll, the company aims to provide innovative solutions across various settings, including offices and healthcare environments.
