Renaissance Technologies LLC Reduces Holdings in Miller Industries, Inc. $MLR

Key Points

• Renaissance Technologies cut its Miller Industries stake by 51.8% in the first quarter, selling 24,686 shares and retaining 23,000 shares worth approximately $1.05 million. Institutional investors collectively own 79.24% of the company.
• Miller Industries reported quarterly earnings of $0.63 per share, exceeding the $0.36 analyst consensus, while revenue of $239.99 million also surpassed estimates. The stock opened at $56.92, near its 52-week high of $57.76.
• The company declared a quarterly dividend of $0.21 per share, representing an annualized payout of $0.84 and a 1.5% yield. Analyst sentiment remains mixed, with an overall “Hold” rating and a $54 consensus price target, although DA Davidson raised its target to $64.

Renaissance Technologies LLC decreased its holdings in Miller Industries, Inc. (NYSE:MLR - Free Report) by 51.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,000 shares of the auto parts company's stock after selling 24,686 shares during the period. Renaissance Technologies LLC owned 0.20% of Miller Industries worth $1,048,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MLR. EverSource Wealth Advisors LLC lifted its position in shares of Miller Industries by 66.5% during the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company's stock worth $37,000 after acquiring an additional 329 shares in the last quarter. IFP Advisors Inc grew its stake in Miller Industries by 200.0% during the fourth quarter. IFP Advisors Inc now owns 906 shares of the auto parts company's stock valued at $34,000 after acquiring an additional 604 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Miller Industries by 736.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company's stock worth $46,000 after acquiring an additional 1,001 shares during the period. Raymond James Financial Inc. bought a new stake in Miller Industries during the 2nd quarter worth approximately $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Miller Industries in the 3rd quarter worth about $159,000. Institutional investors own 79.24% of the company's stock.

Miller Industries Price Performance

MLR opened at $56.92 on Friday. The business has a 50 day simple moving average of $50.61 and a two-hundred day simple moving average of $47.30. The firm has a market capitalization of $646.06 million, a price-to-earnings ratio of 45.90 and a beta of 1.11. Miller Industries, Inc. has a one year low of $35.72 and a one year high of $57.76.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.27. The firm had revenue of $239.99 million for the quarter, compared to analyst estimates of $210.80 million. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%. As a group, sell-side analysts expect that Miller Industries, Inc. will post 1.95 EPS for the current fiscal year.

Miller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 8th will be paid a $0.21 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. Miller Industries's dividend payout ratio is presently 67.74%.

Analyst Ratings Changes

A number of analysts have recently issued reports on MLR shares. Wall Street Zen upgraded Miller Industries from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. DA Davidson upped their target price on shares of Miller Industries from $56.00 to $64.00 and gave the stock a "buy" rating in a research report on Monday. Zacks Research raised Miller Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, July 10th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Miller Industries in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $54.00.

Miller Industries 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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