Sovereign s Capital Management LLC Invests $1.13 Million in Miller Industries, Inc. (NYSE:MLR)

Sovereign s Capital Management LLC purchased a new position in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 17,312 shares of the auto parts company's stock, valued at approximately $1,132,000. Sovereign s Capital Management LLC owned about 0.15% of Miller Industries as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Royce & Associates LP grew its stake in shares of Miller Industries by 29.8% in the 4th quarter. Royce & Associates LP now owns 644,607 shares of the auto parts company's stock valued at $42,132,000 after purchasing an additional 148,079 shares during the last quarter. Portolan Capital Management LLC purchased a new stake in shares of Miller Industries in the fourth quarter valued at approximately $9,366,000. Norges Bank purchased a new stake in shares of Miller Industries in the fourth quarter valued at approximately $1,850,000. Allspring Global Investments Holdings LLC raised its holdings in Miller Industries by 15.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 178,271 shares of the auto parts company's stock worth $11,652,000 after purchasing an additional 24,427 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Miller Industries by 58.6% during the fourth quarter. JPMorgan Chase & Co. now owns 58,606 shares of the auto parts company's stock worth $3,830,000 after purchasing an additional 21,643 shares during the last quarter. Hedge funds and other institutional investors own 79.24% of the company's stock.

Miller Industries Price Performance

MLR stock traded down $0.04 during midday trading on Thursday, hitting $44.73. 47,031 shares of the stock were exchanged, compared to its average volume of 97,065. The stock's 50-day moving average price is $42.65 and its 200-day moving average price is $57.56. The stock has a market cap of $512.60 million, a price-to-earnings ratio of 7.42 and a beta of 1.20. Miller Industries, Inc. has a fifty-two week low of $37.40 and a fifty-two week high of $78.25. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 2.12.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The auto parts company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.09. Miller Industries had a return on equity of 18.76% and a net margin of 5.23%. The firm had revenue of $225.65 million during the quarter, compared to analysts' expectations of $224.35 million. Research analysts predict 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, June 9th. Stockholders of record on Monday, June 2nd will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.79%. Miller Industries's dividend payout ratio (DPR) is 16.99%.

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.