Punch & Associates Investment Management Inc. Acquires New Shares in Miller Industries, Inc. $MLR

Punch & Associates Investment Management Inc. acquired a new stake in shares of Miller Industries, Inc. (NYSE:MLR) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 81,186 shares of the auto parts company’s stock, valued at approximately $3,034,000. Punch & Associates Investment Management Inc. owned about 0.71% of Miller Industries at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of MLR. AQR Capital Management LLC boosted its position in Miller Industries by 41.9% during the first quarter. AQR Capital Management LLC now owns 13,019 shares of the auto parts company’s stock valued at $552,000 after purchasing an additional 3,846 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Miller Industries by 4.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company’s stock valued at $281,000 after purchasing an additional 312 shares during the last quarter. Millennium Management LLC raised its holdings in Miller Industries by 855.1% during the first quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company’s stock valued at $6,649,000 after buying an additional 140,500 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Miller Industries by 64.9% during the first quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock valued at $12,160,000 after buying an additional 112,925 shares in the last quarter. Finally, Strs Ohio bought a new position in Miller Industries during the first quarter valued at about $182,000. Institutional investors and hedge funds own 79.24% of the company’s stock.

Miller Industries Price Performance

Shares of NYSE:MLR opened at $49.09 on Wednesday. The business has a 50 day moving average price of $47.65 and a 200 day moving average price of $43.67. Miller Industries, Inc. has a twelve month low of $33.81 and a twelve month high of $49.89. The company has a market cap of $559.60 million, a price-to-earnings ratio of 36.63 and a beta of 1.11. The company has a quick ratio of 1.78, a current ratio of 2.98 and a debt-to-equity ratio of 0.05.

Miller Industries (NYSE:MLR) last announced its earnings results on Wednesday, May 6th. The auto parts company reported $0.05 earnings per share 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 the consensus estimate of $181.10 million. Research analysts predict that Miller Industries, Inc. will post 1.9 earnings per share for the current year.

Miller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Monday, June 1st were paid a dividend of $0.21 per share. The ex-dividend date was Monday, June 1st. This represents a $0.84 annualized dividend and a yield of 1.7%. Miller Industries’s dividend payout ratio is presently 62.69%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Loop Capital set a $44.00 target price on Miller Industries in a report on Monday, March 9th. DA Davidson raised their target price on Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a report on Monday, May 11th. Zacks Research lowered Miller Industries from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $50.00.

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.