Bosun Asset Management LLC Decreases Stock Holdings in Miller Industries, Inc. $MLR

Key Points

• Bosun Asset Management LLC has reduced its stake in Miller Industries by 47%, now holding 10,374 shares valued at $440,000.
• Miller Industries recently declared a quarterly dividend of $0.20 per share, which represents an annualized yield of 2.0% and a payout ratio of 21.86%.
• Despite a net margin of 4.35% and earnings of $0.73 per share surpassing estimates, the company reported revenue of $214.03 million, below analyst expectations of $234.95 million.

Bosun Asset Management LLC lessened its stake in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) by 47.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,374 shares of the auto parts company's stock after selling 9,199 shares during the quarter. Bosun Asset Management LLC owned about 0.09% of Miller Industries worth $440,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC lifted its position in Miller Industries by 24.9% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 443,468 shares of the auto parts company's stock valued at $18,790,000 after acquiring an additional 88,365 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Miller Industries during the first quarter worth about $1,469,000. Victory Capital Management Inc. lifted its holdings in shares of Miller Industries by 587.3% in the 1st quarter. Victory Capital Management Inc. now owns 32,187 shares of the auto parts company's stock valued at $1,364,000 after purchasing an additional 27,504 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Miller Industries in the 1st quarter valued at about $1,009,000. Finally, Isthmus Partners LLC boosted its position in shares of Miller Industries by 93.2% in the 1st quarter. Isthmus Partners LLC now owns 42,861 shares of the auto parts company's stock valued at $1,816,000 after purchasing an additional 20,677 shares during the period. Institutional investors and hedge funds own 79.24% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MLR shares. Zacks Research upgraded Miller Industries to a "strong sell" rating in a research note on Monday, August 11th. DA Davidson reduced their price target on shares of Miller Industries from $66.00 to $64.00 and set a "buy" rating for the company in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Miller Industries currently has an average rating of "Hold" and a consensus target price of $64.00.

Miller Industries Stock Performance

Shares of MLR stock traded down $0.37 during mid-day trading on Monday, hitting $41.42. The stock had a trading volume of 80,849 shares, compared to its average volume of 103,265. The firm has a market cap of $474.62 million, a PE ratio of 11.32 and a beta of 1.24. The company's 50-day simple moving average is $43.07 and its 200-day simple moving average is $44.30. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.32 and a quick ratio of 2.19. Miller Industries, Inc. has a fifty-two week low of $33.81 and a fifty-two week high of $78.25.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The auto parts company reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.55 by $0.18. The business had revenue of $214.03 million for the quarter, compared to analyst estimates of $234.95 million. Miller Industries had a net margin of 4.35% and a return on equity of 10.48%. Sell-side analysts anticipate that Miller Industries, Inc. will post 5.68 earnings per share for the current year.

Miller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 8th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, September 8th. Miller Industries's dividend payout ratio is 21.86%.

About Miller Industries

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.