Miller Industries, Inc. $MLR Shares Acquired by Punch & Associates Investment Management Inc.

Key Points

• Punch & Associates Investment Management increased its Miller Industries stake by 36.1% in the first quarter, buying 29,291 additional shares and bringing its total to 110,477 shares worth about $5.0 million.
• Other institutional investors also boosted holdings, and institutional ownership stands at 79.24%, indicating heavy hedge fund and large investor involvement in the stock.
• Miller Industries recently reported Q1 EPS of $0.05, missing estimates, while revenue was roughly in line at $180.86 million; the company also paid a quarterly dividend of $0.21 per share for a 1.6% yield.

Punch & Associates Investment Management Inc. grew its position in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) by 36.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,477 shares of the auto parts company's stock after purchasing an additional 29,291 shares during the quarter. Punch & Associates Investment Management Inc. owned approximately 0.97% of Miller Industries worth $5,032,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC boosted its holdings in Miller Industries by 22.0% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company's stock worth $22,885,000 after buying an additional 101,973 shares in the last quarter. Systematic Financial Management LP increased its holdings in Miller Industries by 1.3% in the first quarter. Systematic Financial Management LP now owns 446,339 shares of the auto parts company's stock valued at $20,331,000 after buying an additional 5,743 shares in the last quarter. First Wilshire Securities Management Inc. raised its position in shares of Miller Industries by 980.1% in the fourth quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company's stock worth $11,166,000 after acquiring an additional 271,136 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Miller Industries by 64.9% in the first quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company's stock worth $12,160,000 after acquiring an additional 112,925 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Miller Industries by 19.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 205,372 shares of the auto parts company's stock worth $7,675,000 after acquiring an additional 33,966 shares in the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Trading Up 0.3%

Shares of Miller Industries stock opened at $51.39 on Friday. The stock has a market cap of $585.80 million, a P/E ratio of 38.35 and a beta of 1.10. The stock's 50 day simple moving average is $49.02 and its 200-day simple moving average is $45.96. Miller Industries, Inc. has a 1-year low of $33.81 and a 1-year high of $52.93. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.78.

Miller Industries (NYSE:MLR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The auto parts company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.17). Miller Industries had a net margin of 2.08% and a return on equity of 3.70%. The company had revenue of $180.86 million during the quarter, compared to analyst estimates of $181.10 million. Analysts predict that Miller Industries, Inc. will post 1.9 EPS for the current fiscal year.

Miller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Monday, June 1st were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, June 1st. Miller Industries's dividend payout ratio is presently 62.69%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MLR. Weiss Ratings reiterated a "hold (c)" rating on shares of Miller Industries in a research report on Wednesday, June 24th. DA Davidson upped their target price on shares of Miller Industries from $53.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Finally, Zacks Research upgraded shares of Miller Industries from a "strong sell" rating to a "hold" rating in a research 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, Miller Industries currently has an average rating of "Hold" and a consensus target price of $50.00.

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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