Narwhal Capital Management Buys 20,273 Shares of Miller Industries, Inc. (NYSE:MLR)

Narwhal Capital Management grew its stake in Miller Industries, Inc. (NYSE:MLR - Free Report) by 20.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 121,499 shares of the auto parts company's stock after acquiring an additional 20,273 shares during the quarter. Narwhal Capital Management owned 1.06% of Miller Industries worth $5,148,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. CANADA LIFE ASSURANCE Co acquired a new position in shares of Miller Industries in the 4th quarter valued at approximately $85,000. KLP Kapitalforvaltning AS bought a new position in shares of Miller Industries during the 4th quarter worth approximately $137,000. LSV Asset Management bought a new stake in shares of Miller Industries in the fourth quarter worth $176,000. Aquatic Capital Management LLC lifted its position in shares of Miller Industries by 75.9% in the fourth quarter. Aquatic Capital Management LLC now owns 2,814 shares of the auto parts company's stock worth $184,000 after purchasing an additional 1,214 shares in the last quarter. Finally, CX Institutional acquired a new position in Miller Industries during the first quarter worth $120,000. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Price Performance

Miller Industries stock traded down $0.02 during mid-day trading on Friday, reaching $44.44. 226,965 shares of the company were exchanged, compared to its average volume of 95,862. The firm has a market cap of $509.29 million, a PE ratio of 9.44 and a beta of 1.24. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.23 and a quick ratio of 2.16. The company has a fifty day simple moving average of $44.12 and a 200-day simple moving average of $52.85. Miller Industries, Inc. has a 12 month low of $37.40 and a 12 month high of $78.25.

Miller Industries (NYSE:MLR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The auto parts company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.09. The business had revenue of $225.65 million for the quarter, compared to analyst estimates of $224.35 million. Miller Industries had a return on equity of 13.78% and a net margin of 4.81%. As a group, equities research analysts expect that Miller Industries, Inc. will post 5.68 earnings per share for the current fiscal year.

Miller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Monday, June 2nd were issued a $0.20 dividend. The ex-dividend date was Monday, June 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 1.80%. Miller Industries's payout ratio is currently 16.99%.

Analyst Upgrades and Downgrades

Separately, DA Davidson decreased their price objective on Miller Industries from $66.00 to $64.00 and set a "buy" rating for the company in a report on Thursday.

About Miller Industries

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.