Allspring Global Investments Holdings LLC Increases Stock Holdings in Miller Industries, Inc. $MLR

Allspring Global Investments Holdings LLC increased its stake in Miller Industries, Inc. (NYSE:MLR) by 17.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,977 shares of the auto parts company’s stock after buying an additional 13,564 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Miller Industries were worth $4,224,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Hotchkis & Wiley Capital Management LLC boosted its position in Miller Industries by 22.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company’s stock valued at $22,885,000 after acquiring an additional 101,973 shares in the last quarter. Systematic Financial Management LP raised its position in shares of Miller Industries by 2.1% in the 4th quarter. Systematic Financial Management LP now owns 440,596 shares of the auto parts company’s stock worth $16,465,000 after acquiring an additional 9,170 shares in the last quarter. First Wilshire Securities Management Inc. lifted its stake in shares of Miller Industries by 980.1% in the 4th quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company’s stock valued at $11,166,000 after purchasing an additional 271,136 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Miller Industries by 64.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock valued at $12,160,000 after purchasing an additional 112,925 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Miller Industries by 19.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 205,372 shares of the auto parts company’s stock valued at $7,675,000 after purchasing an additional 33,966 shares during the period. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MLR has been the topic of several recent research reports. DA Davidson upped their price target on Miller Industries from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research report on Wednesday, June 24th. Finally, Zacks Research upgraded shares of Miller Industries from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $50.00.

Miller Industries Stock Up 0.3%

MLR stock opened at $51.39 on Friday. The stock has a market capitalization of $585.80 million, a P/E ratio of 38.35 and a beta of 1.10. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.78. Miller Industries, Inc. has a 1-year low of $33.81 and a 1-year high of $52.93. The business has a fifty day moving average price of $49.02 and a 200-day moving average price of $45.96.

Miller Industries (NYSE:MLR) last released its quarterly earnings data on Wednesday, May 6th. The auto parts company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.17). Miller Industries had a net margin of 2.08% and a return on equity of 3.70%. The business had revenue of $180.86 million for the quarter, compared to analysts’ expectations of $181.10 million. Equities analysts forecast that Miller Industries, Inc. will post 1.9 earnings per share for the current fiscal year.

Miller Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Monday, June 1st were issued a $0.21 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.84 annualized dividend and a yield of 1.6%. Miller Industries’s dividend payout ratio (DPR) is currently 62.69%.

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.