Royce & Associates LP Cuts Stock Position in Miller Industries, Inc. $MLR

Royce & Associates LP decreased its holdings in Miller Industries, Inc. (NYSE:MLR) by 27.7% in the 4th quarter, HoldingsChannel reports. The fund owned 164,823 shares of the auto parts company’s stock after selling 63,178 shares during the quarter. Royce & Associates LP’s holdings in Miller Industries were worth $6,159,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MLR. Millennium Management LLC raised its position in Miller Industries by 855.1% in the first quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company’s stock worth $6,649,000 after acquiring an additional 140,500 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Miller Industries by 64.9% in the first quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock worth $12,160,000 after acquiring an additional 112,925 shares in the last quarter. Invenomic Capital Management LP purchased a new position in Miller Industries in the third quarter worth $4,442,000. Hotchkis & Wiley Capital Management LLC raised its position in Miller Industries by 22.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company’s stock worth $22,885,000 after acquiring an additional 101,973 shares in the last quarter. Finally, Citigroup Inc. raised its position in Miller Industries by 219.6% in the third quarter. Citigroup Inc. now owns 63,227 shares of the auto parts company’s stock worth $2,556,000 after acquiring an additional 43,444 shares in the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.

Miller Industries Stock Down 1.7%

Miller Industries stock opened at $47.99 on Friday. 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 market capitalization of $547.07 million, a price-to-earnings ratio of 35.81 and a beta of 1.13. Miller Industries, Inc. has a fifty-two week low of $33.81 and a fifty-two week high of $49.89. The stock’s fifty day moving average is $46.85 and its two-hundred day moving average is $42.72.

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

Miller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 8th. Shareholders of record on Monday, June 1st will be issued a $0.21 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.84 annualized dividend and a yield of 1.8%. Miller Industries’s dividend payout ratio is 62.69%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MLR. Loop Capital set a $44.00 price objective on Miller Industries in a research report on Monday, March 9th. DA Davidson increased their price objective on Miller Industries from $53.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a research report on Friday, March 27th. Finally, Zacks Research upgraded Miller Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. One research 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 company currently has an average rating of “Hold” and an average price target of $50.00.

Miller Industries Company Profile

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.