Diamond Hill Capital Management LLC Investment Advisor Takes Position in Miller Industries, Inc. $MLR

Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Miller Industries, Inc. (NYSE:MLR) during the second quarter, HoldingsChannel reports. The fund acquired 23,199 shares of the auto parts company’s stock, valued at approximately $1,187,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted 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 acquiring an additional 604 shares during the period. EverSource Wealth Advisors LLC grew its holdings 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 worth $37,000 after acquiring an additional 329 shares during the period. Russell Investments Group Ltd. increased its stake in Miller Industries by 736.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock valued at $46,000 after purchasing an additional 1,001 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Miller Industries in the 2nd quarter valued at approximately $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Miller Industries during the third quarter worth $159,000. 79.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MLR has been the topic of a number of research analyst reports. DA Davidson boosted their target price on Miller Industries from $56.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Wall Street Zen upgraded Miller Industries from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research note 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 given a Hold rating to the company. According to MarketBeat.com, Miller Industries currently has an average rating of “Hold” and an average target price of $54.00.

Miller Industries Trading Down 0.2%

Miller Industries stock opened at $56.76 on Tuesday. The stock has a 50-day moving average price of $50.79 and a 200 day moving average price of $47.46. Miller Industries, Inc. has a 52 week low of $35.72 and a 52 week high of $57.76. The stock has a market cap of $644.23 million, a PE ratio of 45.77 and a beta of 1.11.

Miller Industries (NYSE:MLR) last released its earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.27. Miller Industries had a net margin of 1.86% and a return on equity of 3.41%. The company had revenue of $239.99 million for the quarter, compared to analyst estimates of $210.80 million. On average, equities analysts predict that Miller Industries, Inc. will post 1.95 EPS for the current year.

Miller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 8th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 8th. Miller Industries’s payout ratio is currently 67.74%.

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.