First Wilshire Securities Management Inc. Grows Stock Holdings in Miller Industries, Inc. $MLR

First Wilshire Securities Management Inc. grew its holdings in Miller Industries, Inc. (NYSE:MLR) by 980.1% during the fourth quarter, HoldingsChannel reports. The firm owned 298,801 shares of the auto parts company’s stock after acquiring an additional 271,136 shares during the period. Miller Industries comprises about 2.8% of First Wilshire Securities Management Inc.’s investment portfolio, making the stock its 11th biggest holding. First Wilshire Securities Management Inc.’s holdings in Miller Industries were worth $11,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. Tudor Investment Corp ET AL purchased a new position in Miller Industries in the 3rd quarter worth approximately $1,598,000. Citigroup Inc. raised its position in shares of Miller Industries by 219.6% during the 3rd quarter. Citigroup Inc. now owns 63,227 shares of the auto parts company’s stock valued at $2,556,000 after buying an additional 43,444 shares during the period. Pacific Ridge Capital Partners LLC raised its position in shares of Miller Industries by 24.3% during the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 121,261 shares of the auto parts company’s stock valued at $4,901,000 after buying an additional 23,683 shares during the period. Azarias Capital Management L.P. purchased a new stake in shares of Miller Industries during the 4th quarter valued at approximately $1,497,000. Finally, Invenomic Capital Management LP purchased a new stake in shares of Miller Industries during the 3rd quarter valued at approximately $4,442,000. 79.24% of the stock is owned by hedge funds and other institutional investors.

Miller Industries Stock Up 2.4%

Miller Industries stock opened at $48.95 on Friday. Miller Industries, Inc. has a fifty-two week low of $33.81 and a fifty-two week high of $49.89. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 2.98. The firm has a 50 day moving average price of $47.47 and a 200 day moving average price of $43.45. The company has a market capitalization of $557.86 million, a PE ratio of 36.53 and a beta of 1.11.

Miller Industries (NYSE:MLR) last posted its quarterly earnings results on Wednesday, May 6th. The auto parts company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.17). The business had revenue of $180.86 million during the quarter, compared to analyst estimates of $181.10 million. Miller Industries had a return on equity of 3.70% and a net margin of 2.08%. Research analysts expect that Miller Industries, Inc. will post 1.9 earnings per share for the current year.

Miller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Monday, June 1st were paid a $0.21 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.84 annualized dividend and a dividend yield of 1.7%. Miller Industries’s payout ratio is 62.69%.

Wall Street Analysts Forecast Growth

MLR has been the topic of several analyst reports. DA Davidson lifted their price target on shares of Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Zacks Research lowered shares of Miller Industries from a “hold” rating to a “strong sell” rating in a research report on Monday. Loop Capital set a $44.00 price target on shares of Miller Industries in a research report on Monday, March 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miller Industries in a research report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $50.00.

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.