Diamond Hill Capital Management LLC Investment Advisor Purchases Shares of 23,199 Miller Industries, Inc. $MLR

Key Points

• Diamond Hill Capital Management initiated a position in Miller Industries by purchasing 23,199 shares valued at approximately $1.19 million, representing about 0.20% of the company. Institutional investors collectively own 79.24% of MLR’s outstanding stock.
• Miller Industries exceeded quarterly expectations, reporting $0.63 in earnings per share versus the $0.36 consensus estimate and revenue of $239.99 million versus $210.80 million expected.
• The company declared a quarterly dividend of $0.21 per share, or $0.84 annually, yielding approximately 1.5%. Analyst sentiment remains mixed, with an average “Hold” rating and a $54 price target, although DA Davidson raised its target to $64 with a “Buy” rating.

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 23,199 shares of the auto parts company's stock, valued at approximately $1,187,000. Diamond Hill Capital Management LLC Investment Advisor owned about 0.20% of Miller Industries at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MLR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in 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 last quarter. EverSource Wealth Advisors LLC boosted its holdings in Miller Industries by 66.5% in the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company's stock valued at $37,000 after purchasing an additional 329 shares in the last quarter. Osaic Holdings Inc. increased its stake in Miller Industries by 7.5% in the fourth quarter. Osaic Holdings Inc. now owns 7,977 shares of the auto parts company's stock valued at $298,000 after purchasing an additional 556 shares during the last quarter. IFP Advisors Inc increased its stake in Miller Industries by 200.0% in the fourth quarter. IFP Advisors Inc now owns 906 shares of the auto parts company's stock valued at $34,000 after purchasing an additional 604 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Miller Industries by 6.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 12,100 shares of the auto parts company's stock worth $452,000 after purchasing an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 79.24% of the company's stock.

Miller Industries Price Performance

Miller Industries stock opened at $56.76 on Tuesday. Miller Industries, Inc. has a 12 month low of $35.72 and a 12 month high of $57.76. The business has a 50 day simple moving average of $50.79 and a 200-day simple moving average of $47.46. The stock has a market capitalization of $644.23 million, a PE ratio of 45.77 and a beta of 1.11.

Miller Industries (NYSE:MLR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The auto parts company reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.27. The company had revenue of $239.99 million during the quarter, compared to the consensus estimate of $210.80 million. Miller Industries had a net margin of 1.86% and a return on equity of 3.41%. As a group, equities research analysts anticipate that Miller Industries, Inc. will post 1.95 EPS for the current year.

Miller Industries Announces Dividend

The firm 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 dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 8th. Miller Industries's dividend payout ratio is currently 67.74%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Miller Industries in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Miller Industries from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Zacks Research upgraded shares of Miller Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, July 10th. Finally, DA Davidson boosted their price target on shares of Miller Industries from $56.00 to $64.00 and gave the company a "buy" rating in a research report 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. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $54.00.

Miller Industries Company 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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