Olstein Capital Management L.P. Trims Position in Miller Industries, Inc. (NYSE:MLR)

Olstein Capital Management L.P. trimmed its stake in Miller Industries, Inc. (NYSE:MLR) by 27.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,000 shares of the auto parts company’s stock after selling 8,000 shares during the period. Olstein Capital Management L.P.’s holdings in Miller Industries were worth $1,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Point72 DIFC Ltd grew its stake in Miller Industries by 146.9% in the second quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock worth $55,000 after purchasing an additional 595 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Miller Industries in the 3rd quarter worth $195,000. Lakewood Asset Management LLC bought a new position in shares of Miller Industries during the 3rd quarter worth $250,000. SG Americas Securities LLC increased its stake in shares of Miller Industries by 84.8% during the third quarter. SG Americas Securities LLC now owns 5,153 shares of the auto parts company’s stock valued at $314,000 after buying an additional 2,364 shares during the period. Finally, Verition Fund Management LLC raised its holdings in shares of Miller Industries by 3.5% in the third quarter. Verition Fund Management LLC now owns 5,773 shares of the auto parts company’s stock valued at $352,000 after acquiring an additional 194 shares in the last quarter. 79.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on MLR. DA Davidson reissued a “buy” rating and set a $82.00 target price on shares of Miller Industries in a research report on Friday, November 15th. StockNews.com lowered shares of Miller Industries from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th.

Miller Industries Trading Down 3.5 %

Shares of NYSE MLR opened at $66.75 on Friday. Miller Industries, Inc. has a 1-year low of $39.92 and a 1-year high of $78.25. The business has a fifty day moving average price of $68.96 and a 200 day moving average price of $64.89. The stock has a market capitalization of $763.63 million, a P/E ratio of 11.07 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.12 and a quick ratio of 1.46.

Miller Industries (NYSE:MLR) last released its quarterly earnings results on Tuesday, November 12th. The auto parts company reported $1.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.33. The business had revenue of $314.27 million for the quarter. Miller Industries had a net margin of 5.23% and a return on equity of 18.76%. During the same quarter in the prior year, the business posted $1.52 earnings per share. Equities research analysts expect that Miller Industries, Inc. will post 5.68 EPS for the current fiscal year.

Miller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.14%. Miller Industries’s dividend payout ratio is presently 12.60%.

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.