Cubist Systematic Strategies LLC Takes Position in Miller Industries, Inc. $MLR

Key Points

• Cubist Systematic Strategies LLC acquired 23,821 shares of Miller Industries, valued at approximately $1,009,000, representing about 0.21% of the company.
• Miller Industries reported $0.73 earnings per share for the last quarter, exceeding analysts' expectations of $0.55.
• The company declared a quarterly dividend of $0.20 per share, set to be paid on September 15th, indicating a 1.9% dividend yield.

Cubist Systematic Strategies LLC bought a new position in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,821 shares of the auto parts company's stock, valued at approximately $1,009,000. Cubist Systematic Strategies LLC owned approximately 0.21% of Miller Industries as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC raised its holdings in Miller Industries by 24.9% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 443,468 shares of the auto parts company's stock worth $18,790,000 after acquiring an additional 88,365 shares in the last quarter. Nuveen LLC bought a new stake in shares of Miller Industries during the 1st quarter worth approximately $1,469,000. Victory Capital Management Inc. boosted 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 buying an additional 27,504 shares during the last quarter. Isthmus Partners LLC boosted its holdings 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 buying an additional 20,677 shares during the last quarter. Finally, Narwhal Capital Management grew its stake in shares of Miller Industries by 20.0% in the first quarter. Narwhal Capital Management now owns 121,499 shares of the auto parts company's stock valued at $5,148,000 after buying an additional 20,273 shares in the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on MLR. DA Davidson lowered their price objective on shares of Miller Industries from $66.00 to $64.00 and set a "buy" rating on the stock in a research note on Thursday, June 26th. Zacks Research upgraded Miller Industries to a "strong sell" rating in a research note on Monday, August 11th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Miller Industries presently has a consensus rating of "Hold" and a consensus price target of $64.00.

Miller Industries Price Performance

NYSE:MLR traded down $1.32 during mid-day trading on Friday, reaching $39.80. The stock had a trading volume of 70,595 shares, compared to its average volume of 108,188. Miller Industries, Inc. has a 12 month low of $33.81 and a 12 month high of $78.25. The stock has a 50-day simple moving average of $42.50 and a two-hundred day simple moving average of $43.75. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.32 and a quick ratio of 2.19. The stock has a market capitalization of $456.13 million, a PE ratio of 10.87 and a beta of 1.24.

Miller Industries (NYSE:MLR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The auto parts company reported $0.73 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 10.48% and a net margin of 4.35%. On average, equities analysts anticipate that Miller Industries, Inc. will post 5.68 earnings per share for the current year.

Miller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $0.80 annualized dividend and a yield of 2.0%. Miller Industries's dividend payout ratio is presently 21.86%.

Miller Industries Company 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.