Azarias Capital Management L.P. Invests $1.50 Million in Miller Industries, Inc. $MLR

Key Points

• Azarias Capital Management L.P. bought 40,047 shares of Miller Industries (NYSE:MLR) in Q4, a new position valued at approximately $1.50 million that represents about 0.7% of its portfolio and is its 25th-largest holding.
• Miller Industries reported a quarterly earnings beat (EPS $0.29 vs. $0.03 expected) and revenue of $171.9M, raised its quarterly dividend to $0.21 (annualized $0.84, ~1.7% yield), and the stock has a market cap of roughly $555M with ~79% institutional ownership.

Azarias Capital Management L.P. bought a new position in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 40,047 shares of the auto parts company's stock, valued at approximately $1,497,000. Miller Industries accounts for about 0.7% of Azarias Capital Management L.P.'s investment portfolio, making the stock its 25th biggest position. Azarias Capital Management L.P. owned 0.35% of Miller Industries as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MLR. AQR Capital Management LLC increased its holdings in shares of Miller Industries by 41.9% during the first quarter. AQR Capital Management LLC now owns 13,019 shares of the auto parts company's stock worth $552,000 after purchasing an additional 3,846 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Miller Industries by 4.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company's stock worth $281,000 after purchasing an additional 312 shares during the period. Millennium Management LLC increased its holdings in shares of Miller Industries by 855.1% during the first quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company's stock worth $6,649,000 after purchasing an additional 140,500 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Miller Industries by 64.9% during the first quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company's stock worth $12,160,000 after purchasing an additional 112,925 shares during the period. Finally, Strs Ohio bought a new position in shares of Miller Industries during the first quarter worth approximately $182,000. 79.24% of the stock is owned by institutional investors.

Miller Industries Trading Up 1.0%

NYSE:MLR opened at $48.85 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.22 and a quick ratio of 1.87. The firm has a 50-day moving average of $44.48 and a 200-day moving average of $41.01. The company has a market cap of $555.44 million, a PE ratio of 24.67 and a beta of 1.13. Miller Industries, Inc. has a one year low of $33.81 and a one year high of $49.02.

Miller Industries (NYSE:MLR - Get Free Report) last posted its earnings results on Wednesday, March 4th. The auto parts company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.03 by $0.26. Miller Industries had a net margin of 2.92% and a return on equity of 5.52%. The company had revenue of $171.92 million during the quarter, compared to the consensus estimate of $164.20 million. As a group, equities research analysts expect that Miller Industries, Inc. will post 5.68 EPS for the current fiscal year.

Miller Industries Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Zacks Research cut shares of Miller Industries from a "hold" rating to a "strong sell" rating in a research note on Tuesday, March 10th. Loop Capital set a $44.00 price objective on shares of Miller Industries in a research note on Monday, March 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Miller Industries in a research note on Friday, March 27th. Finally, DA Davidson lifted their price objective on shares of Miller Industries from $52.00 to $53.00 and gave the company a "buy" rating in a research note on Monday, March 9th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average 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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