Bank of New York Mellon Corp Invests $5.99 Million in Miller Industries, Inc. $MLR

Bank of New York Mellon Corp purchased a new stake in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 117,001 shares of the auto parts company's stock, valued at approximately $5,985,000. Bank of New York Mellon Corp owned approximately 1.03% of Miller Industries at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. First Wilshire Securities Management Inc. grew its stake in Miller Industries by 980.1% during the 4th quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company's stock valued at $11,166,000 after purchasing an additional 271,136 shares during the last quarter. Millennium Management LLC lifted 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. Heartland Advisors Inc. purchased a new stake in Miller Industries in the first quarter valued at approximately $5,466,000. Goldman Sachs Group Inc. increased its holdings in 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 buying an additional 112,925 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its position in 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 worth $22,885,000 after buying an additional 101,973 shares during the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Trading Up 1.6%

Shares of NYSE MLR opened at $56.05 on Friday. The stock has a market cap of $636.17 million, a PE ratio of 45.20 and a beta of 1.12. Miller Industries, Inc. has a 12-month low of $35.72 and a 12-month high of $59.70. The company has a 50-day moving average of $52.65 and a 200 day moving average of $48.73.

Miller Industries (NYSE:MLR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.27. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%.The business had revenue of $239.99 million for the quarter, compared to analysts' expectations of $210.80 million. On average, sell-side analysts forecast that Miller Industries, Inc. will post 1.95 EPS for the current fiscal year.

Miller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 8th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. Miller Industries's dividend payout ratio is currently 67.74%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MLR shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Miller Industries in a research note on Wednesday, June 24th. Wall Street Zen raised Miller Industries from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Zacks Research raised Miller Industries from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. Finally, DA Davidson upped their target price on Miller Industries from $56.00 to $64.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $54.00.

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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