Wells Fargo & Company MN grew its stake in shares of Miller Industries, Inc. (NYSE:MLR) by 24.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 282,179 shares of the auto parts company’s stock after acquiring an additional 54,880 shares during the quarter. Wells Fargo & Company MN owned about 2.48% of Miller Industries worth $8,677,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of MLR. BNP Paribas Arbitrage SA increased its stake in shares of Miller Industries by 688.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,311 shares of the auto parts company’s stock valued at $71,000 after acquiring an additional 2,018 shares during the last quarter. State Board of Administration of Florida Retirement System acquired a new stake in Miller Industries during the 1st quarter worth approximately $204,000. Systematic Financial Management LP increased its position in Miller Industries by 21.9% during the 1st quarter. Systematic Financial Management LP now owns 31,935 shares of the auto parts company’s stock worth $985,000 after purchasing an additional 5,740 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in Miller Industries during the 1st quarter worth approximately $490,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Miller Industries during the 1st quarter worth approximately $218,000. 87.11% of the stock is owned by institutional investors.
MLR traded up $0.48 on Friday, reaching $34.47. 760 shares of the company’s stock were exchanged, compared to its average volume of 27,543. The company’s 50 day moving average is $31.45 and its 200-day moving average is $31.36. The company has a market cap of $369.82 million, a price-to-earnings ratio of 9.51 and a beta of 1.01. Miller Industries, Inc. has a twelve month low of $22.80 and a twelve month high of $35.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.47 and a current ratio of 2.05.
Miller Industries (NYSE:MLR) last posted its earnings results on Wednesday, August 7th. The auto parts company reported $0.94 earnings per share (EPS) for the quarter. The firm had revenue of $222.35 million during the quarter. Miller Industries had a net margin of 4.88% and a return on equity of 16.81%.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 9th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Friday, September 6th.
In other Miller Industries news, Director Theodore H. Ashford III sold 6,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $32.30, for a total value of $193,800.00. Following the completion of the sale, the director now owns 13,903 shares of the company’s stock, valued at $449,066.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey I. Badgley sold 7,820 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $32.53, for a total transaction of $254,384.60. Following the completion of the sale, the chief executive officer now directly owns 2,180 shares of the company’s stock, valued at approximately $70,915.40. The disclosure for this sale can be found here. Insiders sold 31,820 shares of company stock valued at $1,031,245 in the last ninety days. 3.90% of the stock is owned by corporate insiders.
Separately, ValuEngine downgraded shares of Miller Industries from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st.
Miller Industries Company Profile
Miller Industries, Inc, together with its subsidiaries, engages in the manufacture and sale of towing and recovery equipment. It offers wreckers that are used to recover and tow disabled vehicles and other equipment; and car carriers, which are specialized flat-bed vehicles with hydraulic tilt mechanisms that are used to transport new or disabled vehicles and other equipment.
Read More: Do closed-end mutual funds pay dividends?
Receive News & Ratings for Miller Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Miller Industries and related companies with MarketBeat.com's FREE daily email newsletter.