Victory Capital Management Inc. Has $1.36 Million Stock Position in Miller Industries, Inc. (NYSE:MLR)

Key Points

• Victory Capital Management Inc. increased its stake in Miller Industries, owning approximately 0.28% of the company with a position valued at $1.36 million after acquiring 27,504 additional shares.
• Miller Industries reported a quarterly earnings per share (EPS) of $0.69, exceeding analysts' expectations of $0.60, along with revenues of $225.65 million for the quarter.
• The company recently declared a quarterly dividend of $0.20 per share, representing an annualized payout of $0.80 and a yield of 1.93%, with a current payout ratio of 16.99%.

Victory Capital Management Inc. grew its stake in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) by 587.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,187 shares of the auto parts company's stock after purchasing an additional 27,504 shares during the period. Victory Capital Management Inc. owned about 0.28% of Miller Industries worth $1,364,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of MLR. Portolan Capital Management LLC bought a new stake in shares of Miller Industries during the 4th quarter valued at $9,366,000. Norges Bank bought a new position in Miller Industries during the fourth quarter worth about $1,850,000. JPMorgan Chase & Co. grew its position in shares of Miller Industries by 58.6% during the 4th quarter. JPMorgan Chase & Co. now owns 58,606 shares of the auto parts company's stock worth $3,830,000 after buying an additional 21,643 shares during the period. Isthmus Partners LLC increased its stake in shares of Miller Industries by 93.2% in the 1st quarter. Isthmus Partners LLC now owns 42,861 shares of the auto parts company's stock valued at $1,816,000 after acquiring an additional 20,677 shares during the last quarter. Finally, Narwhal Capital Management raised its position in shares of Miller Industries by 20.0% in the 1st quarter. Narwhal Capital Management now owns 121,499 shares of the auto parts company's stock valued at $5,148,000 after acquiring an additional 20,273 shares during the period. Institutional investors and hedge funds own 79.24% of the company's stock.

Analyst Upgrades and Downgrades

Separately, DA Davidson lowered their target price on shares of Miller Industries from $66.00 to $64.00 and set a "buy" rating for the company in a research note on Thursday, June 26th.

Miller Industries Stock Down 1.4%

Miller Industries stock traded down $0.56 during midday trading on Friday, reaching $40.19. The stock had a trading volume of 107,453 shares, compared to its average volume of 73,260. Miller Industries, Inc. has a 1-year low of $37.40 and a 1-year high of $78.25. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.16 and a current ratio of 3.23. The firm's fifty day simple moving average is $44.34 and its 200-day simple moving average is $48.52. The stock has a market capitalization of $460.58 million, a P/E ratio of 8.53 and a beta of 1.25.

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

Miller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Monday, June 2nd were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.80 annualized dividend and a dividend yield of 2.0%. Miller Industries's dividend payout ratio (DPR) is currently 16.99%.

Miller Industries Company Profile

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.