Tudor Investment Corp ET AL Buys New Stake in Miller Industries, Inc. $MLR

Key Points

• Tudor Investment Corp established a new position in Miller Industries in Q3, buying 39,540 shares worth about $1.60 million and owning roughly 0.35% of the company at quarter-end.
• Other institutions also moved into the stock (e.g., Jacobs Levy up 89.8% to 65,488 shares; Invenomic opened a ~$4.44 million stake), leaving 79.24% of Miller Industries held by institutional investors and hedge funds.
• Miller Industries recently beat Quarterly EPS estimates ($0.29 vs. $0.03) and raised its quarterly dividend to $0.21 ($0.84 annualized, ~1.9% yield); analysts remain mixed with an average rating of Hold and a $48.50 target price.

Tudor Investment Corp ET AL purchased a new position in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 39,540 shares of the auto parts company's stock, valued at approximately $1,598,000. Tudor Investment Corp ET AL owned 0.35% of Miller Industries at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. raised its position in Miller Industries by 89.8% in the third quarter. Jacobs Levy Equity Management Inc. now owns 65,488 shares of the auto parts company's stock valued at $2,647,000 after purchasing an additional 30,980 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Miller Industries by 320.9% in the third quarter. Public Employees Retirement System of Ohio now owns 7,193 shares of the auto parts company's stock worth $291,000 after buying an additional 5,484 shares during the period. Invenomic Capital Management LP acquired a new stake in shares of Miller Industries in the third quarter valued at about $4,442,000. Jain Global LLC acquired a new stake in shares of Miller Industries in the third quarter valued at about $209,000. Finally, Brevan Howard Capital Management LP raised its holdings in shares of Miller Industries by 111.2% during the 3rd quarter. Brevan Howard Capital Management LP now owns 11,625 shares of the auto parts company's stock valued at $470,000 after buying an additional 6,121 shares during the period. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Stock Down 0.3%

Shares of NYSE MLR opened at $45.05 on Monday. Miller Industries, Inc. has a 1 year low of $33.81 and a 1 year high of $48.94. The firm has a market cap of $512.22 million, a price-to-earnings ratio of 22.75 and a beta of 1.25. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.87 and a current ratio of 3.22. The stock's 50-day simple moving average is $43.34 and its 200-day simple moving average is $40.56.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The auto parts company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.26. Miller Industries had a return on equity of 5.52% and a net margin of 2.92%.The firm had revenue of $171.92 million during the quarter, compared to the consensus estimate of $164.20 million. As a group, equities analysts anticipate that Miller Industries, Inc. will post 5.68 earnings per share for the current fiscal year.

Miller Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Monday, March 16th were paid a dividend of $0.21 per share. This is an increase from Miller Industries's previous quarterly dividend of $0.20. The ex-dividend date was Monday, March 16th. This represents a $0.84 annualized dividend and a dividend yield of 1.9%. Miller Industries's dividend payout ratio (DPR) is currently 42.42%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MLR shares. Zacks Research lowered Miller Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, March 10th. Loop Capital set a $44.00 price objective on shares of Miller Industries in a research report on Monday, March 9th. Weiss Ratings reiterated a "hold (c)" rating on shares of Miller Industries in a research note on Monday, December 29th. Finally, DA Davidson boosted their target price on shares of Miller Industries from $52.00 to $53.00 and gave the stock a "buy" rating in a research report on Monday, March 9th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $48.50.

About Miller Industries

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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