Systematic Financial Management LP Sells 18,573 Shares of 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 shares of Miller Industries, Inc. (NYSE:MLR - Free Report) by 4.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 384,618 shares of the auto parts company's stock after selling 18,573 shares during the period. Systematic Financial Management LP owned 3.36% of Miller Industries worth $16,296,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MLR. Hotchkis & Wiley Capital Management LLC grew its position in Miller Industries by 24.9% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 443,468 shares of the auto parts company's stock worth $18,790,000 after buying an additional 88,365 shares in the last quarter. AlphaQuest LLC grew its position in Miller Industries by 230.3% during the first quarter. AlphaQuest LLC now owns 1,985 shares of the auto parts company's stock worth $84,000 after buying an additional 1,384 shares in the last quarter. CW Advisors LLC lifted its stake in Miller Industries by 5.7% during the first quarter. CW Advisors LLC now owns 7,050 shares of the auto parts company's stock worth $299,000 after purchasing an additional 380 shares during the period. Quantbot Technologies LP lifted its stake in Miller Industries by 138.9% during the first quarter. Quantbot Technologies LP now owns 10,300 shares of the auto parts company's stock worth $436,000 after purchasing an additional 5,989 shares during the period. Finally, American Century Companies Inc. lifted its stake in Miller Industries by 7.3% during the first quarter. American Century Companies Inc. now owns 26,879 shares of the auto parts company's stock worth $1,139,000 after purchasing an additional 1,840 shares during the period. 79.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MLR has been the subject of a number of analyst reports. DA Davidson cut their price target on shares of Miller Industries from $66.00 to $64.00 and set a "buy" rating for the company in a research note on Thursday, June 26th. Zacks Research upgraded shares of Miller Industries to a "strong sell" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Miller Industries presently has a consensus rating of "Hold" and an average price target of $64.00.

Miller Industries Trading Down 3.6%

MLR traded down $1.60 during trading on Thursday, reaching $42.58. 36,999 shares of the company's stock were exchanged, compared to its average volume of 103,291. The company's fifty day moving average price is $43.44 and its 200-day moving average price is $45.61. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.19 and a current ratio of 3.32. Miller Industries, Inc. has a fifty-two week low of $33.81 and a fifty-two week high of $78.25. The firm has a market capitalization of $487.97 million, a PE ratio of 11.63 and a beta of 1.25.

Miller Industries (NYSE:MLR - Get Free Report) last released its earnings results on Wednesday, August 6th. The auto parts company reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.55 by $0.18. Miller Industries had a net margin of 4.35% and a return on equity of 10.48%. The firm had revenue of $214.03 million during the quarter, compared to analyst estimates of $234.95 million. As a group, equities analysts forecast that Miller Industries, Inc. will post 5.68 EPS for the current year.

Miller Industries Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Monday, September 8th. Miller Industries's payout ratio is currently 21.86%.

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.