Zacks Investment Research Downgrades Knoll (NYSE:KNL) to Sell

Zacks Investment Research lowered shares of Knoll (NYSE:KNL) from a hold rating to a sell rating in a research report released on Thursday morning, Zacks.com reports.

According to Zacks, “Knoll Inc, a leading designer and manufacturer of branded office furniture products and textiles, serves clients worldwide. Their commitment to innovation and modern design has yielded a comprehensive portfolio of products designed to provide enduring value and help clients shape their workplaces with imagination and vision. “

Several other brokerages also recently issued reports on KNL. Raymond James downgraded Knoll from a strong-buy rating to an outperform rating and set a $28.00 price objective for the company. in a research note on Monday, October 7th. ValuEngine downgraded Knoll from a hold rating to a sell rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating and two have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $28.33.

Knoll stock traded up $0.01 during mid-day trading on Thursday, hitting $24.77. The company’s stock had a trading volume of 248,757 shares, compared to its average volume of 247,218. The firm’s 50 day moving average is $24.11 and its 200 day moving average is $22.20. The company has a market cap of $1.22 billion, a PE ratio of 13.39 and a beta of 1.45. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.15 and a quick ratio of 0.53. Knoll has a 52-week low of $15.72 and a 52-week high of $25.89.

Knoll (NYSE:KNL) last announced its quarterly earnings data on Wednesday, July 24th. The business services provider reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.04. The firm had revenue of $367.30 million during the quarter, compared to the consensus estimate of $339.13 million. Knoll had a return on equity of 24.27% and a net margin of 6.11%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.42 EPS. As a group, analysts forecast that Knoll will post 2.04 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date was Friday, September 13th. Knoll’s dividend payout ratio (DPR) is presently 36.76%.

In other news, EVP David L. Schutte sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $24.84, for a total transaction of $124,200.00. Following the completion of the sale, the executive vice president now directly owns 58,424 shares of the company’s stock, valued at approximately $1,451,252.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Andrew B. Cogan sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $23.28, for a total value of $232,800.00. Following the sale, the chairman now directly owns 518,713 shares of the company’s stock, valued at $12,075,638.64. The disclosure for this sale can be found here. Insiders have sold a total of 19,305 shares of company stock valued at $464,625 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Swiss National Bank raised its stake in shares of Knoll by 2.8% during the 2nd quarter. Swiss National Bank now owns 92,500 shares of the business services provider’s stock worth $2,126,000 after purchasing an additional 2,500 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Knoll by 0.6% during the 2nd quarter. Macquarie Group Ltd. now owns 1,961,745 shares of the business services provider’s stock worth $45,081,000 after purchasing an additional 12,613 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Knoll during the 2nd quarter worth about $213,000. Envestnet Asset Management Inc. raised its stake in shares of Knoll by 26.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 41,272 shares of the business services provider’s stock worth $948,000 after purchasing an additional 8,686 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Knoll by 67.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 495,781 shares of the business services provider’s stock worth $11,085,000 after purchasing an additional 198,873 shares in the last quarter. 90.32% of the stock is owned by institutional investors.

About Knoll

Knoll, Inc, together with its subsidiaries, designs, manufactures, markets, and sells commercial and residential furniture, accessories, and coverings for the workplace and residential markets in the United States, Canada, Europe, and internationally. The company operates through Office and Lifestyle segments.

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