Exploring MillerKnoll, Inc. (MLKN) Investor Profile: Who’s Buying and Why?

You're looking at MillerKnoll, Inc. (MLKN) and asking the right question: who is actually buying this stock, and why are they stepping in when the market capitalization sits around $1.14 billion? The answer is a mix of deep-value hunters and patient institutional money, who own a staggering 87.50% of the shares, defintely not a number to ignore. While the company reported full fiscal year 2025 Net Sales of $3.67 billion, the adjusted earnings per share (EPS) saw a dip to $1.95, signaling that operational execution is still a work in progress. But here's the quick math: the stock trades with a forward price-to-earnings (P/E) ratio of just 7.9 and a growth-at-a-reasonable-price (GARP) indicator-the PEG ratio-at a low 0.7, suggesting a classic value play betting on a cyclical rebound and margin expansion to overcome near-term tariff headwinds. Are you positioning for the long-term dividend stability-a consistent 55-year track record-or are you focused on the immediate risk of a commercial real estate slowdown? To be fair, understanding the buyer profile, from the Vanguard Group Inc. to the hedge funds making new, smaller bets, is crucial for mapping your own entry point.

Who Invests in MillerKnoll, Inc. (MLKN) and Why?

You're looking at MillerKnoll, Inc. (MLKN) because you see a brand with legacy design but a stock price that feels disconnected from its potential. The investor base reflects this split view: it's dominated by massive, long-term institutional money, but it also attracts a specific type of value-seeking fund and income investor.

The clear takeaway is that this is an institutional stock first. 87.50% of MillerKnoll, Inc.'s shares are held by institutional investors, which is a significant concentration. This means that the stock's day-to-day movement is largely dictated by large funds, not by individual retail traders. The remaining roughly 12.50% is held by insiders and retail investors, who are often chasing the dividend or a value rebound.

Key Investor Types and Their Stakes

The ownership structure for MillerKnoll, Inc. is top-heavy, leaning heavily on passive and active institutional managers. The biggest players are the behemoths of the asset management world, whose positions are often driven by index tracking or large-scale quantitative models, not just a single analyst's stock pick. This is defintely a key factor in understanding the stock's trading dynamics.

Here's a quick look at the top institutional ownership as of the most recent 2025 filings:

These massive index and mutual fund managers-BlackRock, Inc. and The Vanguard Group, Inc.-are the bedrock of the stock, holding over a quarter of the company combined. Hedge funds and active managers, while smaller in percentage, are the ones making more aggressive, directional bets. Their activity, such as Principal Financial Group Inc. boosting its holdings by 1.2% in the first quarter of fiscal 2025, signals a belief in a near-term catalyst or a value-play opportunity.

Investment Motivations: Dividend and Value

Investors are attracted to MillerKnoll, Inc. for a few concrete reasons, but the primary draw is a combination of dividend income and a potential value rebound. The company's diversified model, spanning contract and retail segments, is seen as a way to mitigate risk, which is a big plus for conservative institutions.

The dividend is a major incentive for income-focused investors. MillerKnoll, Inc. pays an annual dividend of $0.75 per share, resulting in a yield of approximately 5.26% as of late 2025. Here's the quick math: that yield is significantly higher than the US market average, which makes it a notable dividend stock. However, you must be realistic: the dividend payout ratio, based on the trailing year's negative earnings per share of $(0.54) for fiscal 2025, is technically unsustainable at -312.5%. The good news is that the dividend is covered by cash flow, with a reasonable cash payout ratio of 62.7%.

Growth prospects are also a motivator, particularly after the full fiscal year 2025 saw net sales of $3,669.9 million, representing a 1.1% increase year-over-year. The momentum is there, as evidenced by Q1 fiscal 2026 net sales jumping 10.9% to $955.7 million. For value investors, the stock is compelling because its estimated fair value (GF Value) is projected to be around $25.98 for the upcoming year, suggesting a potential upside of over 47% from recent trading prices. You can read more about the company's long-term direction at Mission Statement, Vision, & Core Values of MillerKnoll, Inc. (MLKN).

• Seek high income from the 5.26% annual dividend yield.
• Bet on a value rebound to the estimated fair value of $25.98.
• Capitalize on the sales growth momentum, which hit $3,669.9 million in FY2025.

Investment Strategies in Play

The dominant strategies seen among MillerKnoll, Inc. investors are a mix of passive indexing, long-term value, and opportunistic income investing.

Long-Term Holding (Passive/Core): This is the strategy of the largest institutional holders like Vanguard and BlackRock. They hold the stock because it's part of an index (like the Russell 2000 or S&P Small-Cap) and their goal is to track the market. They are not concerned with short-term volatility; they are permanent capital. Their huge stake is a stabilizing force, but it also means they won't sell unless the stock is removed from an index or the company's fundamentals drastically deteriorate.

Value Investing (Active/Hedge Funds): This group, including some hedge funds and active mutual funds, sees the current stock price as an opportunity. They are betting on a successful execution of the company's turnaround and synergy capture from the Knoll merger. They are buying because the stock trades at a discount to its intrinsic value, with an average analyst price target of $38.00 suggesting a significant upside. They are focused on the adjusted earnings per share (Adjusted EPS) of $1.95 for fiscal 2025, which paints a much healthier picture than the GAAP loss.

Income Investing (Retail/Mutual Funds): This strategy is simple: buy for the high dividend. These investors are willing to overlook the negative GAAP earnings because the dividend is currently covered by cash flow. They are essentially treating MillerKnoll, Inc. as a high-yield bond substitute, accepting the historical dividend volatility in exchange for the current 5.26% yield.

Next Step: Portfolio Manager: Assess your current MLKN position against the $25.98 value estimate and the dividend's cash flow coverage by the end of the week.

Institutional Ownership and Major Shareholders of MillerKnoll, Inc. (MLKN)

You're looking at MillerKnoll, Inc. (MLKN) and trying to figure out who the major players are and what their intentions signal for the stock. The short answer is that MillerKnoll, Inc. is overwhelmingly an institutionally-held stock, and those institutions are not monolithic in their recent trading. This means the stock price is highly sensitive to their collective sentiment.

As of late 2025, institutional investors own a massive chunk of the company, holding approximately 92.36% of the outstanding shares. That kind of concentration means retail investors are essentially riding the coattails of giants like BlackRock and Vanguard. It defintely pays to know what they're doing.

Top Institutional Investors and Their Stakes

The investor profile for MillerKnoll, Inc. is dominated by the passive investment behemoths. These firms, which manage trillions of dollars, hold their stakes largely through index and exchange-traded funds (ETFs). Their presence is less about a conviction on the office furniture market and more about MillerKnoll, Inc.'s inclusion in key small-cap and total-market indices.

Here's a quick snapshot of the top holders and their positions based on the most recent filings from the third quarter of fiscal year 2025 (FY2025):

BlackRock, Inc. and The Vanguard Group, Inc. alone account for over a quarter of the company's ownership. This high concentration is a classic sign of a stock whose price movements can be amplified by large, coordinated-even if passively managed-trades.

Recent Shifts in Institutional Ownership

Looking at the recent 13F filings (which disclose institutional holdings), the picture is one of slight net caution, but with some active managers taking strong positions. Overall, the total institutional share count saw a minor net decrease in the most recent reporting period, but the activity beneath that number is more telling.

We saw a near-even split in the number of institutions making moves:

• 105 institutions increased their positions.
• 102 institutions decreased their positions.

The passive giants like BlackRock, Inc. and The Vanguard Group, Inc. made only fractional adjustments, reducing their stakes by a negligible -0.06% and -0.279%, respectively, through the end of Q3 2025. This is normal portfolio rebalancing.

The real signal comes from the active managers. For example, Fuller & Thaler Asset Management, Inc. made a significant bet, increasing its stake by nearly +39.873%, adding over 928,000 shares. Plus, DePrince, Race & Zollo Inc. boosted its holding by +10.636%. These are active funds seeing value in the current price, which is a bullish indicator for the near-term.

Impact on Stock Price and Strategy

A high institutional ownership level-over 90% in MillerKnoll, Inc.'s case-means these large investors play a crucial role in both governance and stock volatility. You can think of them as the company's silent partners.

Their influence on strategy is often exerted through 'quiet engagement' with the board, pushing for better corporate governance, long-term value creation, and alignment with environmental, social, and governance (ESG) principles. The company's recent strategic moves, such as the organizational restructuring effective March 1, 2025, into North America Contract, International Contract, and Global Retail segments, are exactly the kind of clear, focused actions that major long-term shareholders typically advocate for to improve operational transparency and performance.

Here's the quick math: when a company's shares are this concentrated, any large-scale selling event-say, a major index fund rebalancing-can significantly increase price volatility. For a company that reported consolidated net sales of $876.2 million and an Adjusted EPS of $0.45 in Q3 FY2025, that institutional backing provides a floor, but it also means you must pay close attention to any major shifts in their holdings. The current backlog of $686.4 million provides a revenue buffer, which these investors appreciate.

To dive deeper into the fundamentals that underpin these institutional decisions, you should check out the analysis on the company's financial health: Breaking Down MillerKnoll, Inc. (MLKN) Financial Health: Key Insights for Investors.

Key Investors and Their Impact on MillerKnoll, Inc. (MLKN)

The investor profile for MillerKnoll, Inc. (MLKN) is heavily weighted toward large institutions, which is typical for a company of this size, but their recent moves show a clear split on the stock's near-term prospects. You need to understand that over 92% of the stock is held by institutional investors, meaning a few major players drive the price action and governance decisions.

The top holders are the usual suspects-the passive investment giants-but their sheer size gives them enormous influence over corporate governance, even without a formal activist stance. This high institutional ownership means you should pay close attention to proxy votes and major 13F filings (quarterly reports of institutional holdings), because when these giants move, the stock defintely feels it.

The Giants: BlackRock and Vanguard's Anchor Stake

The largest shareholders in MillerKnoll, Inc. are the two biggest asset managers in the world: BlackRock, Inc. and The Vanguard Group, Inc. Their holdings are generally passive, tied to index funds, but their votes on issues like executive compensation and board elections are critical.

As of the September 29, 2025, reporting date, BlackRock, Inc. held the top spot with an impressive 10,470,151 shares, representing a 15.28% ownership stake. The Vanguard Group, Inc. followed closely, owning 7,927,159 shares, or 11.57% of the company. Together, they own well over a quarter of the company, which is a massive anchor.

Here's the quick math: when a combined 26.85% of the shares are held by two firms, their implicit influence is huge. They are long-term holders focused on stable governance and environmental, social, and governance (ESG) factors, rather than a quick flip.

Investor Influence on Corporate Strategy and Governance

While there is no public activist investor currently demanding a board seat or a sale, the institutional base is still actively shaping the company's direction through governance. In October 2025, for example, shareholders approved the 2025 Long-Term Incentive Plan, which authorizes the issuance of up to 21,164,945 shares for equity-based awards. This is a key decision that impacts future dilution and executive alignment, and it passed because the major institutions voted for it.

The market's reaction to financial performance is another form of investor influence. Despite MillerKnoll, Inc. posting strong Q1 fiscal year 2026 net sales of $955.7 million, up 10.9% year-over-year, the stock price has continued to decline. This signals that investors are focusing less on the top-line growth and more on the persistent margin pressure driven by tariffs and economic uncertainty. The appointment of Kevin Veltman as the permanent Chief Financial Officer in October 2025 is a direct response to the need for a more stable financial strategy to address these investor concerns.

• Approve governance changes, like the 2025 Long-Term Incentive Plan.
• Drive management focus toward margin improvement over pure revenue growth.
• Influence stock price via market reaction to key metrics, like gross margin.

For a deeper dive into the company's financial stability, you should check out Breaking Down MillerKnoll, Inc. (MLKN) Financial Health: Key Insights for Investors.

Recent Notable Moves: The Bullish and Bearish Divide

Recent 13F filings show a clear divergence in opinion among smaller, more active funds, which is where the near-term volatility comes from. This tells you that the market is struggling to price the stock between its growth potential and its margin risks.

On the bullish side, a few funds made significant increases in their stakes as of the November 14, 2025, filings:

• Brooklyn Investment Group dramatically boosted its stake by over +2,172.1%, a massive vote of confidence.
• Creative Planning increased its holdings by +42.5%.

But on the bearish side, other funds were actively selling down their positions, indicating a lack of faith in the current valuation or a worry about the macro environment:

• Hotchkis & Wiley Capital Management LLC cut its stake by -45.3%, selling off a significant portion valued at $9.30 million.
• Disciplined Growth Investors Inc. MN reduced its position by -17.8%.

The key takeaway is that the smart money is split. Some investors see the current price as a deep value opportunity, especially with the company maintaining a strong dividend history, while others are rotating out due to the continued pressure on profitability. Your action should be to determine which side of the margin debate you fall on.

Market Impact and Investor Sentiment

You are seeing a mixed signal on MillerKnoll, Inc. (MLKN) right now, and that's why the stock price has been so volatile. The core investor sentiment is cautiously neutral, leaning toward value-seeking, but the market reaction is sharp and immediate to both good news and bad.

Institutional ownership is defintely the dominant force here, with major funds holding between 87.50% and 92.36% of the shares. These are not quick-turnaround traders; they are long-term players. For example, BlackRock, Inc. is a top shareholder, owning over 10.47 million shares, which represents a significant 15.3% stake in the company. Their belief is in the long-term value of the combined entity, even as the stock trades in a wide 52-week range, with a high of $31.73 and a recent low of just over $14.10 in November 2025.

Here's the quick math: the market capitalization sits at approximately $972.23 million as of November 2025, yet the company's estimated fair value, based on a Discounted Cash Flow (DCF) model, is around $20.48 per share. That suggests the stock is currently undervalued by about 18.8%, which is a clear signal for institutional value investors to hold or even increase their positions.

• BlackRock, Inc. holds 15.3% of MLKN shares.
• Institutional ownership is high at over 87.50%.
• Fair value estimate is $20.48 per share.

Recent Market Reactions and Ownership Moves

The stock market has responded to MillerKnoll, Inc.'s operational performance with a pattern of short-term spikes followed by broader sector-driven pressure. When the company reported Q4 2025 earnings, the results were strong: adjusted Earnings Per Share (EPS) of $0.60 significantly beat the forecast of $0.44, an EPS surprise of 36.36%. Revenue also impressed, reaching $961.8 million, a 5.25% surprise over the anticipated figure. The stock climbed 1.58% in aftermarket trading on that news, reflecting investor confidence in the execution of strategic initiatives.

But still, the stock has been hit hard by macro-economic and sector-specific headwinds. The broader furniture sector is grappling with housing market weakness and tariff uncertainty, and MillerKnoll, Inc. is not immune. When a peer company reported weaker results, MillerKnoll, Inc.'s stock fell 2.8% in a single afternoon, showing how quickly the market lumps companies together in a challenging environment. The stock had a tough stretch in November 2025, with a -8.66% loss over a two-week period, which shows you the price of operating in a cyclical industry right now.

Analyst Perspectives on Key Investors' Impact

The consensus view from Wall Street analysts is a 'Hold' rating, which means they see the company as fairly valued given the current risks and opportunities. You have a mixed bag of ratings, with one Strong Buy, two Holds, and one Sell, so there is no clear direction. This mixed sentiment is a direct result of the conflicting signals: strong operational beats against a negative net loss of -$15.5 million for the 2025 fiscal year.

Analysts are focused on the company's ability to turn its industry-leading revenue growth into sustainable earnings. Total revenue for the 2025 fiscal year was $3.764 billion. The appointment of Kevin Veltman as permanent Chief Financial Officer in October 2025 is viewed as a positive catalyst, potentially leading to more stable financial strategy as the company manages restructuring and efficiency initiatives. The institutional conviction, especially from giants like Vanguard Group Inc. and Alliancebernstein L.P., who hold substantial stakes, acts as a floor for the stock, suggesting they believe the company can navigate the persistent margin pressure from factors like tariffs.

For a deeper dive into the numbers that underpin this analyst sentiment, you should read Breaking Down MillerKnoll, Inc. (MLKN) Financial Health: Key Insights for Investors.

The key takeaway is that the big money is betting on a turnaround, or at least a realization of value, with some analysts projecting a 12-month price target as high as $35.00.

Here is a snapshot of the major institutional investor holdings, based on recent 2025 filings:

Finance: Track the institutional ownership changes in the next 13F filings to see if the big players are adding to their positions or trimming their exposure.