Punch & Associates Investment Management Inc. Raises Stock Position in Miller Industries, Inc. $MLR

Punch & Associates Investment Management Inc. raised its position in Miller Industries, Inc. (NYSE:MLR) by 36.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,477 shares of the auto parts company’s stock after purchasing an additional 29,291 shares during the quarter. Punch & Associates Investment Management Inc.’s holdings in Miller Industries were worth $5,032,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of MLR. EverSource Wealth Advisors LLC grew its stake in shares of Miller Industries by 66.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock valued at $37,000 after buying an additional 329 shares during the period. IFP Advisors Inc raised its position in shares of Miller Industries by 200.0% during the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock valued at $34,000 after buying an additional 604 shares during the period. Russell Investments Group Ltd. lifted its holdings in Miller Industries by 736.0% in the third quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock valued at $46,000 after acquiring an additional 1,001 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Miller Industries in the second quarter valued at approximately $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Miller Industries in the third quarter worth approximately $159,000. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Price Performance

Miller Industries stock opened at $51.39 on Friday. The company’s 50 day simple moving average is $49.02 and its 200-day simple moving average is $45.96. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 2.98. Miller Industries, Inc. has a 1 year low of $33.81 and a 1 year high of $52.93. The company has a market capitalization of $585.80 million, a price-to-earnings ratio of 38.35 and a beta of 1.10.

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

Miller Industries Announces Dividend

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

Analyst Upgrades and Downgrades

MLR has been the subject of several recent analyst reports. DA Davidson raised their target price 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 reaffirmed a “hold (c)” rating on shares of Miller Industries in a research note on Wednesday, June 24th. Finally, Zacks Research upgraded Miller Industries from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.00.

Miller Industries 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.