Front Street Capital Management Inc. Invests $14.67 Million in Miller Industries, Inc. $MLR

Key Points

• Front Street Capital Management acquired 716,804 Miller Industries shares worth approximately $14.67 million, representing about 6.32% of the company and 1.7% of its portfolio.
• Miller Industries reported quarterly EPS of $0.63, exceeding the $0.36 consensus estimate, while revenue of $239.99 million also surpassed expectations.
• The stock opened at $56.80, near its 52-week high, and analysts maintain a consensus “Hold” rating with a $54 target price; the company also announced a quarterly dividend of $0.21 per share.

Front Street Capital Management Inc. bought a new stake in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 716,804 shares of the auto parts company's stock, valued at approximately $14,666,000. Miller Industries accounts for about 1.7% of Front Street Capital Management Inc.'s investment portfolio, making the stock its 23rd biggest position. Front Street Capital Management Inc. owned approximately 6.32% of Miller Industries at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in Miller Industries by 41.9% in the 1st quarter. AQR Capital Management LLC now owns 13,019 shares of the auto parts company's stock worth $552,000 after acquiring an additional 3,846 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Miller Industries by 4.9% in 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 in the last quarter. Millennium Management LLC increased its holdings in Miller Industries by 855.1% during the 1st 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 Miller Industries by 64.9% during the 1st 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 stake in Miller Industries during the 1st quarter valued at $182,000. Institutional investors own 79.24% of the company's stock.

Miller Industries Price Performance

Shares of NYSE MLR opened at $56.80 on Tuesday. Miller Industries, Inc. has a 1-year low of $35.72 and a 1-year high of $57.76. The business has a fifty day moving average price of $51.58 and a 200 day moving average price of $47.99. The stock has a market capitalization of $644.62 million, a P/E ratio of 45.80 and a beta of 1.11.

Miller Industries (NYSE:MLR - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The auto parts company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.36 by $0.27. The business had revenue of $239.99 million during the quarter, compared to analyst estimates 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 earnings per share for the current fiscal year.

Miller Industries Dividend Announcement

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

Analysts Set New Price Targets

MLR has been the subject of several research reports. Wall Street Zen upgraded Miller Industries from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 8th. DA Davidson lifted their price objective on Miller Industries from $56.00 to $64.00 and gave the company a "buy" rating in a report on Monday, August 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Miller Industries in a research note on Wednesday, June 24th. Finally, Zacks Research upgraded shares of Miller Industries from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus 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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