Systematic Financial Management LP Trims Stock Holdings in Miller Industries, Inc. $MLR

Key Points

• Systematic Financial Management LP reduced its stake in Miller Industries by 4.6%, selling 18,573 shares, resulting in ownership of approximately 384,618 shares worth $16.3 million.
• Miller Industries has received mixed ratings from analysts, with DA Davidson lowering its price target to $64.00 while Zacks Research upgraded it to a "strong sell" rating.
• The company has announced a quarterly dividend payment of $0.20 per share, resulting in a dividend yield of 1.8%.

Systematic Financial Management LP reduced its stake in Miller Industries, Inc. (NYSE:MLR - Free Report) by 4.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 384,618 shares of the auto parts company's stock after selling 18,573 shares during the period. Systematic Financial Management LP owned about 3.36% of Miller Industries worth $16,296,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of MLR. IFP Advisors Inc increased its stake in Miller Industries by 98.0% in the 1st quarter. IFP Advisors Inc now owns 608 shares of the auto parts company's stock worth $26,000 after purchasing an additional 301 shares during the period. AlphaQuest LLC increased its stake in shares of Miller Industries by 230.3% during the first quarter. AlphaQuest LLC now owns 1,985 shares of the auto parts company's stock valued at $84,000 after buying an additional 1,384 shares during the period. CANADA LIFE ASSURANCE Co purchased a new position in shares of Miller Industries during the fourth quarter valued at approximately $85,000. CX Institutional purchased a new position in shares of Miller Industries during the first quarter valued at approximately $120,000. Finally, GAMMA Investing LLC increased its stake in shares of Miller Industries by 1,894.1% during the first quarter. GAMMA Investing LLC now owns 3,051 shares of the auto parts company's stock valued at $129,000 after buying an additional 2,898 shares during the period. 79.24% of the stock is owned by hedge funds and other institutional investors.

Miller Industries Stock Performance

MLR stock traded down $0.08 during trading on Wednesday, reaching $44.18. The stock had a trading volume of 112,033 shares, compared to its average volume of 103,712. Miller Industries, Inc. has a 52 week low of $33.81 and a 52 week high of $78.25. The stock's 50 day moving average is $43.44 and its two-hundred day moving average is $45.62. The company has a current ratio of 3.32, a quick ratio of 2.19 and a debt-to-equity ratio of 0.13. The firm has a market cap of $506.26 million, a PE ratio of 12.07 and a beta of 1.25.

Miller Industries (NYSE:MLR - Get Free Report) last posted 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. Miller Industries had a return on equity of 10.48% and a net margin of 4.35%.The company had revenue of $214.03 million for the quarter, compared to the consensus estimate of $234.95 million. As a group, equities analysts anticipate that Miller Industries, Inc. will post 5.68 earnings per share for the current year.

Miller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be given a $0.20 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.80 dividend on an annualized basis and a yield of 1.8%. Miller Industries's dividend payout ratio is presently 21.86%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MLR shares. DA Davidson reduced 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 analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Miller Industries currently has an average rating of "Hold" and a consensus target price of $64.00.

Miller Industries Company 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.