Invenomic Capital Management LP Takes $4.44 Million Position in Miller Industries, Inc. $MLR

Invenomic Capital Management LP purchased a new position in Miller Industries, Inc. (NYSE:MLR) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 109,900 shares of the auto parts company’s stock, valued at approximately $4,442,000. Invenomic Capital Management LP owned approximately 0.96% of Miller Industries at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MLR. Jain Global LLC purchased a new position in Miller Industries in the third quarter valued at about $209,000. Brevan Howard Capital Management LP lifted its position in shares of Miller Industries by 111.2% during the third 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 last quarter. Bank of America Corp DE boosted its holdings in shares of Miller Industries by 10.5% in the 3rd quarter. Bank of America Corp DE now owns 68,755 shares of the auto parts company’s stock valued at $2,779,000 after buying an additional 6,516 shares in the last quarter. Algert Global LLC boosted its holdings in shares of Miller Industries by 70.3% in the 3rd quarter. Algert Global LLC now owns 34,446 shares of the auto parts company’s stock valued at $1,392,000 after buying an additional 14,218 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its position in shares of Miller Industries by 22.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company’s stock worth $22,885,000 after buying an additional 101,973 shares during the last quarter. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

Miller Industries Price Performance

Shares of MLR stock opened at $43.60 on Tuesday. Miller Industries, Inc. has a fifty-two week low of $33.81 and a fifty-two week high of $48.94. 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 firm has a market capitalization of $495.75 million, a price-to-earnings ratio of 22.02 and a beta of 1.25. The stock’s 50-day simple moving average is $42.49 and its 200-day simple moving average is $40.35.

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

Miller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Monday, March 16th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, March 16th. This is an increase from Miller Industries’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 1.9%. Miller Industries’s payout ratio is presently 40.40%.

Wall Street Analyst Weigh In

MLR has been the subject of a number of analyst reports. Loop Capital set a $44.00 target price on shares of Miller Industries in a research report on Monday, March 9th. Zacks Research lowered shares of Miller Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 10th. DA Davidson upped their price target on Miller Industries from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Monday, March 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Miller Industries currently has an average rating of “Hold” and a consensus price target of $48.50.

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.