Harbor Capital Advisors Inc. Lowers Position in Miller Industries, Inc. $MLR

Harbor Capital Advisors Inc. cut its stake in shares of Miller Industries, Inc. (NYSE:MLR) by 62.7% during the 3rd quarter, Holdings Channel.com reports. The fund owned 13,171 shares of the auto parts company’s stock after selling 22,146 shares during the period. Harbor Capital Advisors Inc.’s holdings in Miller Industries were worth $532,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in shares of Miller Industries by 66.5% in the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock valued at $37,000 after purchasing an additional 329 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Miller Industries by 1,842.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,709 shares of the auto parts company’s stock worth $76,000 after purchasing an additional 1,621 shares in the last quarter. AlphaQuest LLC grew its position in Miller Industries by 230.3% in the 1st quarter. AlphaQuest LLC now owns 1,985 shares of the auto parts company’s stock worth $84,000 after purchasing an additional 1,384 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Miller Industries in the 2nd quarter valued at about $125,000. Finally, Strs Ohio bought a new position in shares of Miller Industries during the 1st quarter worth approximately $182,000. Institutional investors own 79.24% of the company’s stock.

Miller Industries Price Performance

Miller Industries stock opened at $38.22 on Monday. The business’s 50 day simple moving average is $38.61 and its 200 day simple moving average is $40.94. Miller Industries, Inc. has a 12 month low of $33.81 and a 12 month high of $70.06. The company has a market cap of $436.89 million, a price-to-earnings ratio of 14.70 and a beta of 1.26. The company has a current ratio of 3.46, a quick ratio of 2.13 and a debt-to-equity ratio of 0.11.

Miller Industries (NYSE:MLR) last issued its earnings results on Wednesday, November 5th. The auto parts company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.25. The firm had revenue of $178.67 million for the quarter, compared to analyst estimates of $177.55 million. Miller Industries had a return on equity of 7.32% and a net margin of 3.59%. Sell-side analysts forecast that Miller Industries, Inc. will post 5.68 EPS for the current year.

Miller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 9th. Shareholders of record on Tuesday, December 2nd were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Tuesday, December 2nd. Miller Industries’s dividend payout ratio (DPR) is currently 30.77%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Zacks Research raised Miller Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 7th. Loop Capital set a $46.00 price objective on Miller Industries in a research note on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miller Industries in a research report on Monday, December 22nd. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Miller Industries presently has an average rating of “Hold” and an average price target of $55.00.

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.