39,540 Shares in Miller Industries, Inc. $MLR Acquired by Tudor Investment Corp ET AL

Key Points

• Tudor Investment Corp bought a new stake of 39,540 shares in Miller Industries (~$1.60M), leaving institutional investors and hedge funds with about 79.24% ownership of the company.
• Miller Industries posted stronger-than-expected Q results—EPS $0.29 vs. $0.03 consensus and revenue $171.9M vs. $164.2M—and raised its quarterly dividend to $0.21 (annualized $0.84, ~1.7% yield).
• Analyst sentiment is mixed: the consensus rating is a Hold with a $48.50 target, while DA Davidson rates it a Buy ($53 target) and Zacks recently downgraded it to a Strong Sell.

Tudor Investment Corp ET AL purchased a new position in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 39,540 shares of the auto parts company's stock, valued at approximately $1,598,000. Tudor Investment Corp ET AL owned about 0.35% of Miller Industries at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. lifted its holdings in Miller Industries by 89.8% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 65,488 shares of the auto parts company's stock worth $2,647,000 after purchasing an additional 30,980 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Miller Industries by 320.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 7,193 shares of the auto parts company's stock worth $291,000 after purchasing an additional 5,484 shares during the last quarter. Invenomic Capital Management LP acquired a new stake in Miller Industries during the 3rd quarter worth approximately $4,442,000. Jain Global LLC acquired a new stake in Miller Industries during the 3rd quarter worth approximately $209,000. Finally, Brevan Howard Capital Management LP lifted its holdings in Miller Industries by 111.2% during the 3rd quarter. Brevan Howard Capital Management LP now owns 11,625 shares of the auto parts company's stock worth $470,000 after purchasing an additional 6,121 shares during the last quarter. 79.24% of the stock is owned by institutional investors and hedge funds.

Miller Industries Stock Down 0.1%

Shares of NYSE MLR opened at $48.85 on Monday. Miller Industries, Inc. has a 52 week low of $33.81 and a 52 week high of $49.02. The stock's fifty day moving average is $44.48 and its 200 day moving average is $41.04. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.87 and a current ratio of 3.22. The stock has a market capitalization of $555.44 million, a P/E ratio of 24.67 and a beta of 1.13.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The auto parts company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.26. Miller Industries had a return on equity of 5.52% and a net margin of 2.92%.The company had revenue of $171.92 million for the quarter, compared to analyst estimates of $164.20 million. Sell-side analysts forecast that Miller Industries, Inc. will post 5.68 earnings per share for the current fiscal year.

Miller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Monday, March 16th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Monday, March 16th. This is a positive change from Miller Industries's previous quarterly dividend of $0.20. Miller Industries's dividend payout ratio is 42.42%.

Analysts Set New Price Targets

MLR has been the subject of several research reports. Loop Capital set a $44.00 price target on Miller Industries in a report on Monday, March 9th. Weiss Ratings restated a "hold (c)" rating on shares of Miller Industries in a research note on Friday, March 27th. Zacks Research downgraded Miller Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, March 10th. Finally, DA Davidson increased their target price on Miller Industries from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Monday, March 9th. One 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 data from MarketBeat, Miller Industries currently has an average rating of "Hold" and a consensus target price of $48.50.

Miller Industries 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.

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