Miller Industries, Inc. (NYSE:MLR) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its holdings in Miller Industries, Inc. (NYSE:MLR - Free Report) by 36.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 112,515 shares of the auto parts company's stock after selling 65,756 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.98% of Miller Industries worth $4,767,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of MLR. Royce & Associates LP lifted its stake in Miller Industries by 29.8% during the 4th quarter. Royce & Associates LP now owns 644,607 shares of the auto parts company's stock worth $42,132,000 after acquiring an additional 148,079 shares in the last quarter. Portolan Capital Management LLC acquired a new stake in Miller Industries in the 4th quarter valued at about $9,366,000. Norges Bank purchased a new position in shares of Miller Industries in the 4th quarter valued at about $1,850,000. JPMorgan Chase & Co. raised its holdings in Miller Industries by 58.6% in the fourth quarter. JPMorgan Chase & Co. now owns 58,606 shares of the auto parts company's stock valued at $3,830,000 after acquiring an additional 21,643 shares in the last quarter. Finally, Narwhal Capital Management grew its holdings in Miller Industries by 20.0% during the 1st quarter. Narwhal Capital Management now owns 121,499 shares of the auto parts company's stock worth $5,148,000 after acquiring an additional 20,273 shares in the last quarter. Hedge funds and other institutional investors own 79.24% of the company's stock.

Analysts Set New Price Targets

Separately, DA Davidson lowered their target price on shares of Miller Industries from $66.00 to $64.00 and set a "buy" rating for the company in a research note on Thursday, June 26th.

Miller Industries Stock Down 0.0%

MLR stock traded down $0.01 during trading on Wednesday, hitting $45.45. 15,709 shares of the company's stock were exchanged, compared to its average volume of 94,888. Miller Industries, Inc. has a 52-week low of $37.40 and a 52-week high of $78.25. The company has a current ratio of 3.23, a quick ratio of 2.16 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $520.80 million, a price-to-earnings ratio of 9.65 and a beta of 1.22. The business has a 50-day moving average price of $44.86 and a two-hundred day moving average price of $51.37.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The auto parts company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.09. Miller Industries had a net margin of 4.81% and a return on equity of 13.78%. The firm had revenue of $225.65 million for the quarter, compared to analysts' expectations of $224.35 million. As a group, equities research analysts expect that Miller Industries, Inc. will post 5.68 EPS for the current year.

Miller Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Monday, June 2nd were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 1.76%. Miller Industries's payout ratio is 16.99%.

Miller Industries Profile

Miller Industries, Inc, together with its subsidiaries, manufactures and sells towing and recovery equipment. The company 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, which are used to transport new or disabled vehicles and other equipment.