Huber Capital Management LLC Trims Stake in Miller Industries, Inc. $MLR

Key Points

• Huber Capital Management LLC reduced its stake in Miller Industries by 7.9%, selling 6,700 shares, and now owns 77,602 shares valued at approximately $3.29 million.
• Miller Industries announced a quarterly dividend of $0.20 per share, with an annualized dividend yield of 1.8%, to be paid on September 15th.
• Despite some institutions increasing their stakes in the company, Miller Industries' stock recently dipped 0.2%, with an average rating of "Hold" and a target price of $64.00.

Huber Capital Management LLC trimmed its holdings in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) by 7.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,602 shares of the auto parts company's stock after selling 6,700 shares during the quarter. Huber Capital Management LLC owned 0.68% of Miller Industries worth $3,288,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MLR. Raymond James Financial Inc. bought a new position in Miller Industries during the fourth quarter valued at $217,000. Barclays PLC boosted its stake in Miller Industries by 8.8% during the fourth quarter. Barclays PLC now owns 30,612 shares of the auto parts company's stock valued at $2,001,000 after buying an additional 2,481 shares during the period. CANADA LIFE ASSURANCE Co purchased a new stake in Miller Industries during the fourth quarter valued at about $85,000. Stifel Financial Corp purchased a new stake in Miller Industries during the fourth quarter valued at about $495,000. Finally, Hsbc Holdings PLC raised its position in Miller Industries by 5.5% during the fourth quarter. Hsbc Holdings PLC now owns 4,955 shares of the auto parts company's stock valued at $326,000 after purchasing an additional 260 shares in the last quarter. 79.24% of the stock is owned by hedge funds and other institutional investors.

Miller Industries Stock Performance

MLR traded down $0.39 during mid-day trading on Monday, reaching $42.06. 90,287 shares of the company traded hands, compared to its average volume of 154,696. The stock has a market capitalization of $482.01 million, a P/E ratio of 11.49 and a beta of 1.24. The company has a quick ratio of 2.19, a current ratio of 3.32 and a debt-to-equity ratio of 0.13. The company's fifty day moving average price is $43.37 and its 200-day moving average price is $45.03. Miller Industries, Inc. has a 52-week low of $33.81 and a 52-week high of $78.25.

Miller Industries (NYSE:MLR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The auto parts company reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.55 by $0.18. The business had revenue of $214.03 million during 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%. On average, sell-side analysts expect that Miller Industries, Inc. will post 5.68 EPS for the current year.

Miller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend 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%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MLR shares. DA Davidson reduced their price target on Miller Industries from $66.00 to $64.00 and set a "buy" rating on the stock in a report on Thursday, June 26th. Zacks Research raised Miller Industries to a "strong sell" rating in a research report on Monday, August 11th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $64.00.

Miller Industries 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.