HSBC Increases Stake in MillerKnoll, Holdings Valued at $201,000

HSBC Holdings PLC has recently boosted its investment in MillerKnoll, Inc. (NASDAQ:MLKN) by 7.8%, as revealed in its latest 13F filing with the Securities and Exchange Commission. The institutional investor now holds a total of 10,350 shares of MillerKnoll, which are valued at approximately $201,000.

In the first quarter of 2023, HSBC acquired an additional 753 shares, reflecting its growing confidence in MillerKnoll. This move is part of a broader trend, as several other institutional investors have also adjusted their positions in the company. Notably, Studio Investment Management LLC increased its stake by 29.9% in the fourth quarter of 2022, owning 2,149 shares valued at $49,000 after purchasing an additional 495 shares.

PNC Financial Services Group Inc. also raised its position in MillerKnoll by 3.7% during the first quarter, bringing its total to 23,877 shares, valued at $457,000. Meanwhile, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. and the State of Wyoming increased their holdings by 4.0% and 23.6%, respectively, in the fourth quarter. Cresset Asset Management LLC similarly enhanced its stake by 4.0%, now owning 62,639 shares worth $1.427 million. Collectively, institutional investors own 87.50% of MillerKnoll’s stock.

MillerKnoll Stock Performance and Financial Results

MillerKnoll’s stock opened at $21.44 on the latest trading day, reflecting a 1.3% increase. The firm’s 50-day simple moving average stands at $20.51, while the 200-day average is $18.87. Over the past fifty-two weeks, the stock has fluctuated between a low of $15.25 and a high of $28.33. As of now, the company’s market capitalization is $1.47 billion, with a price-to-earnings ratio of -38.29 and a PEG ratio of 0.97.

In its latest quarterly earnings report, announced on June 25, 2023, MillerKnoll reported earnings of $0.60 per share, surpassing analysts’ expectations of $0.44 by $0.16. The company achieved revenue of $961.80 million, exceeding the estimated $913.80 million. Year-over-year, revenue increased by 8.2%, showcasing the company’s resilience in a competitive market. Looking ahead, MillerKnoll has set its guidance for Q1 2026 at $0.320 to $0.38 EPS, with analysts projecting an average EPS of $2.12 for the current year.

Dividend Announcement and Analyst Ratings

MillerKnoll has also declared a quarterly dividend of $0.1875, which will be distributed on October 15, 2023, to shareholders recorded on August 31, 2023. The ex-dividend date is set for August 29, 2023. This dividend translates to an annualized payout of $0.75, yielding 3.5%. Currently, MillerKnoll’s payout ratio stands at -133.93%, indicating that the company is reinvesting heavily in its growth.

Recent research reports have seen shifts in analyst ratings for MillerKnoll. Zacks Research upgraded the stock from a “strong sell” to a “hold” rating on August 25, 2023. Similarly, Benchmark rated it as a “hold” on June 27, 2023, while Wall Street Zen elevated its status from “hold” to “buy” in a recent note. The consensus among research analysts currently rates the stock as a “hold,” reflecting a cautious optimism regarding its future performance.

MillerKnoll, Inc. is engaged in the research, design, manufacturing, and distribution of interior furnishings across the globe. The company operates through three segments: Americas Contract, International Contract & Specialty, and Global Retail. Its product offerings include seating solutions, furniture systems, textiles, and healthcare furniture, positioning it as a key player in the interior furnishings market.