Sei Investments Co. Increases Stake in Miller Industries, Inc. $MLR

Key Points

• Sei Investments more than doubled its Miller Industries stake in the first quarter, increasing holdings by 124.1% to 46,565 shares worth approximately $2.12 million. Institutional investors and hedge funds collectively own 79.24% of the company.
• Miller Industries reported a quarterly earnings beat, posting $0.63 EPS versus the $0.36 consensus estimate and revenue of $239.99 million, above the $210.80 million forecast.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and a $50 price target. Shares recently traded at $54.42, while the company announced a quarterly dividend of $0.21 per share, yielding 1.5% annually.

Sei Investments Co. grew its holdings in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) by 124.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,565 shares of the auto parts company's stock after purchasing an additional 25,785 shares during the quarter. Sei Investments Co. owned approximately 0.41% of Miller Industries worth $2,121,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Miller Industries by 4.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company's stock worth $281,000 after acquiring an additional 312 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Miller Industries by 66.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company's stock valued at $37,000 after acquiring an additional 329 shares during the last quarter. SG Americas Securities LLC raised its holdings in Miller Industries by 4.0% in the 4th quarter. SG Americas Securities LLC now owns 13,141 shares of the auto parts company's stock valued at $491,000 after acquiring an additional 504 shares during the last quarter. Osaic Holdings Inc. lifted its stake in Miller Industries by 7.5% in the 4th quarter. Osaic Holdings Inc. now owns 7,977 shares of the auto parts company's stock worth $298,000 after purchasing an additional 556 shares in the last quarter. Finally, IFP Advisors Inc lifted its stake in Miller Industries by 200.0% in the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company's stock worth $34,000 after purchasing an additional 604 shares in the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MLR has been the subject of a number of analyst reports. DA Davidson upped their price target on Miller Industries from $53.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, May 11th. Weiss Ratings reissued a "hold (c)" rating on shares of Miller Industries in a research note on Wednesday, June 24th. Wall Street Zen raised Miller Industries from a "hold" rating to a "strong-buy" rating in a research note on Saturday. Finally, Zacks Research raised Miller Industries from a "strong sell" rating to a "hold" rating in a research note on Friday, July 10th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Miller Industries currently has an average rating of "Hold" and an average price target of $50.00.

Miller Industries Trading Down 0.2%

Shares of MLR opened at $54.42 on Monday. The company's 50-day moving average price is $49.87 and its 200 day moving average price is $46.83. Miller Industries, Inc. has a 12-month low of $35.72 and a 12-month high of $56.21. The firm has a market cap of $617.63 million, a P/E ratio of 43.88 and a beta of 1.11.

Miller Industries (NYSE:MLR - Get Free Report) last announced its earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.27. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%.The company had revenue of $239.99 million for the quarter, compared to analyst estimates of $210.80 million. Equities research analysts forecast that Miller Industries, Inc. will post 1.9 earnings per share for the current year.

Miller Industries Announces Dividend

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

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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