MillerKnoll Inc (+1, MLKN US, July 21st)
From July 17-18th, three directors and the Chairman purchased a total of 25,000 shares, spending $420,000 at an average price of $17. We ranked this stock +1 on May 8th based on purchases of $1 million from Michael Volkema (Chair since 2000, former CEO).
Volkema was very timely in his only other purchase in the shares, in mid-2020 at $21, prior to a doubling of the shares. He has added to his May purchase and spent another $230,000 at $16.95. Lisa Kro (Director since 2012) made her second and largest purchase, spending $100,000.
Directors Mike C. Smith (Director since 2019) and Michael R. Smith (Director since 2021) are making their first purchases, spending $70,000 and $21,000, respectively. This is a solid follow-up cluster of buying since our initial May rank.
Note that in October 2022, Andrea Owen (CEO) purchased $1 million worth of stock at $16.88, which also triggered a positive rank and proved timely. There was insider selling in 2021-2022 at higher prices but none since the stock fell <$20 last year.
We are renewing our +1 rank.
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