Hotchkis & Wiley Capital Management LLC Purchases 88,365 Shares of Miller Industries, Inc. $MLR

Key Points

• Hotchkis & Wiley Capital Management LLC increased its stake in Miller Industries by 24.9%, owning a total of 443,468 shares valued at approximately $18.79 million.
• Miller Industries reported earnings of $0.73 per share for the last quarter, surpassing analysts' expectations of $0.55, although revenue fell below forecasts at $214.03 million.
• In recent analyst reports, the stock's target price was reduced to $64.00 by DA Davidson, while Zacks Research issued a "strong sell" rating, indicating mixed sentiments among investors.

Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) by 24.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 443,468 shares of the auto parts company's stock after buying an additional 88,365 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 3.87% of Miller Industries worth $18,790,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc raised its holdings in Miller Industries by 98.0% during the 1st quarter. IFP Advisors Inc now owns 608 shares of the auto parts company's stock worth $26,000 after buying an additional 301 shares during the period. CANADA LIFE ASSURANCE Co purchased a new position in Miller Industries during the 4th quarter valued at about $85,000. AlphaQuest LLC grew its stake in Miller Industries by 230.3% during the 1st quarter. AlphaQuest LLC now owns 1,985 shares of the auto parts company's stock valued at $84,000 after acquiring an additional 1,384 shares in the last quarter. Aquatic Capital Management LLC grew its stake in Miller Industries by 75.9% during the 4th quarter. Aquatic Capital Management LLC now owns 2,814 shares of the auto parts company's stock valued at $184,000 after acquiring an additional 1,214 shares in the last quarter. Finally, CX Institutional purchased a new position in Miller Industries during the 1st quarter valued at about $120,000. Institutional investors and hedge funds own 79.24% of the company's stock.

Miller Industries Stock Performance

Shares of NYSE MLR traded down $1.82 during trading hours on Thursday, reaching $42.37. The stock had a trading volume of 106,713 shares, compared to its average volume of 103,730. The business's fifty day moving average is $43.44 and its two-hundred day moving average is $45.61. 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 company has a market cap of $485.50 million, a price-to-earnings ratio of 11.58 and a beta of 1.25. Miller Industries, Inc. has a twelve month low of $33.81 and a twelve month high of $78.25.

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

Miller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 yield of 1.9%. The ex-dividend date of this dividend is Monday, September 8th. Miller Industries's dividend payout ratio (DPR) is presently 21.86%.

Analyst Ratings Changes

MLR has been the topic of several research analyst reports. DA Davidson lowered their target price on 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 raised Miller Industries to a "strong sell" rating in a research note on Monday, August 11th. 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, the stock has a consensus rating of "Hold" and a consensus 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.