Should You Hold MillerKnoll (MLKN)? - InvestingChannel

Should You Hold MillerKnoll (MLKN)?

Investment management company Vulcan Value Partners recently released its third quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, all delivering negative returns in the third quarter. The fund’s Large Cap Composite returned -4.2% net of fees and expenses, the Small Cap Composite returned -5.7% net, the Focus Composite returned -1.9% net, the Focus Plus composite returned -2.0%, and the All-Cap Composite returned -4.9% net. You can check the top 5 holdings of the fund to know its best picks in 2023.

Vulcan Value Partners highlighted stocks like MillerKnoll, Inc. (NASDAQ:MLKN) in the Q3 2023 investor letter. Headquartered in Zeeland, Michigan, MillerKnoll, Inc. (NASDAQ:MLKN) designs, manufactures, and distributes interior furnishings. On October 13, 2023, MillerKnoll, Inc. (NASDAQ:MLKN) stock closed at $24.50 per share. One-month return of MillerKnoll, Inc. (NASDAQ:MLKN) was 35.06%, and its shares gained 37.18% of their value over the last 52 weeks. MillerKnoll, Inc. (NASDAQ:MLKN) has a market capitalization of $1.8 billion.

Vulcan Value Partners made the following comment about MillerKnoll, Inc. (NASDAQ:MLKN) in its Q3 2023 investor letter:

“MillerKnoll, Inc. (NASDAQ:MLKN) is a designer and manufacturer of premium furniture for the office and home. While there continues to be a fair amount of uncertainty as it relates to the future of office, the company performed well during the quarter due to strong execution, cost containment, and an indication from management that a positive inflection point in demand is in its sights. We continue to favor the quality of MillerKnoll’s collection of brands, its multi-channel distribution model, and its experienced management team.”

architecture, bar, business, cafe, catering, chairs, city, clocks, contemporary, corner, decor, decoration, design, details, door, empty, entertaining, entertainment, estate, european, frames, fun, furniture, glasses, hospitality, illumination, indoor, inside, lamps, lifestyle, lights, local, meeting, modern, night, nobody, objects, place, property, pub, restaurant, retro, style, tables, time, vintage, walls, wooden Copyright: krsmanovic / 123RF Stock Photo

MillerKnoll, Inc. (NASDAQ:MLKN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held MillerKnoll, Inc. (NASDAQ:MLKN) at the end of the second quarter, which was 16 in the previous quarter.

We discussed MillerKnoll, Inc. (NASDAQ:MLKN) in another article and shared Vulcan Value Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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