Azarias Capital Management L.P. Grows Stock Holdings in Miller Industries, Inc. $MLR

Key Points

• Azarias Capital Management increased its Miller Industries stake by 175.7% in the first quarter, buying 70,379 more shares and bringing its total to 110,426 shares worth about $5.03 million.
• Several other institutional investors also raised their holdings, and hedge funds now own 79.24% of Miller Industries’ stock, underscoring strong institutional interest.
• Analysts are mixed on the stock: the consensus rating is Hold with an average price target of $50, while Miller Industries recently missed earnings estimates and its shares were trading near $49.64.

Azarias Capital Management L.P. grew its position in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) by 175.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 110,426 shares of the auto parts company's stock after purchasing an additional 70,379 shares during the period. Miller Industries comprises about 2.3% of Azarias Capital Management L.P.'s holdings, making the stock its 18th largest holding. Azarias Capital Management L.P. owned approximately 0.97% of Miller Industries worth $5,030,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Miller Industries by 22.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company's stock valued at $22,885,000 after buying an additional 101,973 shares in the last quarter. Systematic Financial Management LP raised its stake in shares of Miller Industries by 2.1% during the fourth quarter. Systematic Financial Management LP now owns 440,596 shares of the auto parts company's stock worth $16,465,000 after acquiring an additional 9,170 shares in the last quarter. First Wilshire Securities Management Inc. raised its stake in shares of Miller Industries by 980.1% during the fourth quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company's stock worth $11,166,000 after acquiring an additional 271,136 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Miller Industries by 64.9% in the 1st 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 during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Miller Industries by 19.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 205,372 shares of the auto parts company's stock worth $7,675,000 after acquiring an additional 33,966 shares during the last quarter. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Miller Industries in a research report on Friday, March 27th. DA Davidson upped 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. Loop Capital set a $44.00 price objective on Miller Industries in a research note on Monday, March 9th. Finally, Zacks Research downgraded Miller Industries from a "hold" rating to a "strong sell" rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $50.00.

Miller Industries Stock Down 0.3%

Shares of NYSE MLR opened at $49.64 on Monday. The company has a quick ratio of 1.78, a current ratio of 2.98 and a debt-to-equity ratio of 0.05. Miller Industries, Inc. has a 52 week low of $33.81 and a 52 week high of $50.19. The firm's fifty day moving average is $47.84 and its 200 day moving average is $43.91. The company has a market cap of $565.94 million, a price-to-earnings ratio of 37.05 and a beta of 1.11.

Miller Industries (NYSE:MLR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The auto parts company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.17). The firm had revenue of $180.86 million during the quarter, compared to the consensus estimate of $181.10 million. Miller Industries had a return on equity of 3.70% and a net margin of 2.08%. On average, equities 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 announced a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Monday, June 1st were paid a dividend of $0.21 per share. The ex-dividend date of this dividend 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%.

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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