Multiple Reasons for the Decline of MillerKnoll (MLKN)

Investment management company Vulcan Value Partners recently released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive absolute returns in the second quarter. The fund’s Large Cap Composite returned 10.0% net of fees and expenses, the Small Cap Composite returned 4.4% net, the Focus Composite returned 11.1% net, the Focus Plus composite returned 10.6%, and the All-Cap Composite returned 6.0% 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 second quarter 2023 investor letter. Headquartered in Zeeland, Michigan, MillerKnoll, Inc. (NASDAQ:MLKN) is a global interior furnishings company. On August 22, 2023, MillerKnoll, Inc. (NASDAQ:MLKN) stock closed at $18.49 per share. One-month return of MillerKnoll, Inc. (NASDAQ:MLKN) was -3.45%, and its shares lost 39.91% of their value over the last 52 weeks. MillerKnoll, Inc. (NASDAQ:MLKN) has a market capitalization of $1.414 billion.

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

“MillerKnoll, Inc. (NASDAQ:MLKN) faces headwinds from uncertainty around the pace of returning to the office. The company has a large backlog and has implemented strong pricing within that backlog. This is a very well-managed business with an experienced management team who are focused on cash generation.”

furniture, room

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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 second quarter which was 16 in the previous quarter.

We discussed MillerKnoll, Inc. (NASDAQ:MLKN) in another article and shared the list of small-cap stocks with insider buying. In addition, please check out our hedge fund investor letters Q2 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.