JPMorgan Chase & Co. decreased its stake in Knoll Inc (NYSE:KNL) by 17.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 296,908 shares of the business services provider’s stock after selling 63,542 shares during the quarter. JPMorgan Chase & Co.’s holdings in Knoll were worth $5,614,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in KNL. Norges Bank purchased a new stake in Knoll in the 4th quarter worth approximately $18,976,000. D. E. Shaw & Co. Inc. raised its holdings in shares of Knoll by 49.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 700,770 shares of the business services provider’s stock valued at $11,549,000 after purchasing an additional 233,376 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Knoll by 103.6% during the 4th quarter. Deutsche Bank AG now owns 356,694 shares of the business services provider’s stock valued at $5,876,000 after purchasing an additional 181,502 shares in the last quarter. Two Sigma Investments LP raised its holdings in shares of Knoll by 179.6% during the 4th quarter. Two Sigma Investments LP now owns 236,000 shares of the business services provider’s stock valued at $3,889,000 after purchasing an additional 151,598 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Knoll by 71.7% during the 4th quarter. Millennium Management LLC now owns 333,336 shares of the business services provider’s stock valued at $5,493,000 after purchasing an additional 139,144 shares in the last quarter. Institutional investors own 89.64% of the company’s stock.
In related news, Chairman Andrew B. Cogan sold 10,226 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $21.15, for a total value of $216,279.90. Following the transaction, the chairman now directly owns 535,792 shares in the company, valued at approximately $11,332,000.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Andrew B. Cogan sold 2,774 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $21.06, for a total transaction of $58,420.44. Following the completion of the transaction, the chief executive officer now owns 533,018 shares in the company, valued at $11,225,359.08. The disclosure for this sale can be found here. Insiders have sold a total of 16,500 shares of company stock worth $350,335 in the last 90 days. 1.60% of the stock is owned by insiders.
Knoll (NYSE:KNL) last released its quarterly earnings results on Thursday, April 25th. The business services provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $332.80 million for the quarter, compared to the consensus estimate of $312.20 million. Knoll had a net margin of 5.67% and a return on equity of 24.17%. Knoll’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 EPS. On average, research analysts expect that Knoll Inc will post 2.03 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.13%. This is an increase from Knoll’s previous quarterly dividend of $0.15. Knoll’s dividend payout ratio (DPR) is currently 32.43%.
A number of research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Knoll from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Wednesday, May 1st. ValuEngine upgraded shares of Knoll from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Finally, TheStreet upgraded shares of Knoll from a “c+” rating to a “b” rating in a report on Friday, February 15th.
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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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