Quantinno Capital Management LP lifted its position in shares of Miller Industries, Inc. (NYSE:MLR – Free Report) by 47.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 38,616 shares of the auto parts company’s stock after buying an additional 12,463 shares during the quarter. Quantinno Capital Management LP owned approximately 0.34% of Miller Industries worth $1,759,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Punch & Associates Investment Management Inc. grew its stake in Miller Industries by 36.1% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 110,477 shares of the auto parts company’s stock valued at $5,032,000 after acquiring an additional 29,291 shares during the last quarter. Systematic Financial Management LP raised its position in Miller Industries by 1.3% during the first quarter. Systematic Financial Management LP now owns 446,339 shares of the auto parts company’s stock worth $20,331,000 after acquiring an additional 5,743 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Miller Industries by 124.1% in the first quarter. Sei Investments Co. now owns 46,565 shares of the auto parts company’s stock valued at $2,121,000 after purchasing an additional 25,785 shares in the last quarter. Heartland Advisors Inc. purchased a new stake in shares of Miller Industries in the first quarter valued at about $5,466,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Miller Industries by 17.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 91,977 shares of the auto parts company’s stock valued at $4,224,000 after purchasing an additional 13,564 shares in the last quarter. 79.24% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have recently weighed in on the stock. Zacks Research raised shares of Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. DA Davidson upped their target price on Miller Industries from $56.00 to $64.00 and gave the company a “buy” rating in a research note on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a report on Wednesday, June 24th. Finally, Wall Street Zen upgraded Miller Industries from a “hold” rating to a “strong-buy” rating in a report on Saturday. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $54.00.
Miller Industries Stock Up 1.9%
MLR opened at $54.42 on Wednesday. The firm has a market cap of $617.63 million, a P/E ratio of 43.88 and a beta of 1.11. The business’s fifty day simple moving average is $50.11 and its 200 day simple moving average is $47.02. Miller Industries, Inc. has a 52 week low of $35.72 and a 52 week high of $56.27.
Miller Industries (NYSE:MLR – Get Free Report) last announced its earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.27. The firm had revenue of $239.99 million during the quarter, compared to the consensus estimate of $210.80 million. Miller Industries had a net margin of 1.86% and a return on equity of 3.41%. As a group, equities analysts expect that Miller Industries, Inc. will post 1.9 EPS for the current fiscal year.
Miller Industries Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 8th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 8th. Miller Industries’s payout ratio is currently 67.74%.
About Miller Industries
Miller Industries, Inc is a leading designer, engineer and manufacturer of towing and recovery vehicles and related equipment. The company’s product portfolio includes light-, medium- and heavy-duty tow trucks, integrated carriers, rotators, wreckers, trailers and associated hydraulic and electronic components. These products are marketed under well-known brand names, including Miller, Century, Holmes, Vulcan, Chevron and Jige International, serving a broad spectrum of customers in the towing, recovery, roadside assistance and vehicle transport industries.
Headquartered in Ooltewah, Tennessee, Miller Industries was founded in the early 1990s and has grown into a global supplier of towing and recovery solutions.
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