Principal Financial Group Inc. Grows Holdings in Miller Industries, Inc. (NYSE:MLR)

Principal Financial Group Inc. increased its position in Miller Industries, Inc. (NYSE:MLR) by 3.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,194 shares of the auto parts company’s stock after acquiring an additional 307 shares during the quarter. Principal Financial Group Inc. owned about 0.08% of Miller Industries worth $390,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co purchased a new stake in Miller Industries during the 4th quarter valued at approximately $85,000. CX Institutional purchased a new stake in Miller Industries during the 1st quarter valued at approximately $120,000. GAMMA Investing LLC grew its holdings in Miller Industries by 1,894.1% during the 1st quarter. GAMMA Investing LLC now owns 3,051 shares of the auto parts company’s stock valued at $129,000 after buying an additional 2,898 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Miller Industries during the 4th quarter valued at approximately $137,000. Finally, LSV Asset Management purchased a new position in shares of Miller Industries in the fourth quarter valued at $176,000. 79.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, DA Davidson cut their target price on shares of Miller Industries from $66.00 to $64.00 and set a “buy” rating for the company in a report on Thursday, June 26th.

Miller Industries Trading Down 2.6%

MLR stock opened at $42.43 on Monday. The firm has a fifty day moving average price of $45.09 and a 200 day moving average price of $50.03. Miller Industries, Inc. has a fifty-two week low of $37.40 and a fifty-two week high of $78.25. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.16 and a current ratio of 3.23. The firm has a market cap of $486.25 million, a PE ratio of 9.01 and a beta of 1.22.

Miller Industries (NYSE:MLR) last issued its quarterly earnings results on Wednesday, May 7th. The auto parts company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.09. The company had revenue of $225.65 million during the quarter, compared to the consensus estimate of $224.35 million. Miller Industries had a return on equity of 13.78% and a net margin of 4.81%. Sell-side analysts anticipate that Miller Industries, Inc. will post 5.68 earnings per share for the current fiscal year.

Miller Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Monday, June 2nd were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 1.89%. Miller Industries’s dividend payout ratio is presently 16.99%.

Miller Industries Profile

Miller Industries, Inc, together with its subsidiaries, manufactures and sells towing and recovery equipment. The company offers wreckers that are used to recover and tow disabled vehicles and other equipment; and car carriers, which are specialized flat-bed vehicles with hydraulic tilt mechanisms, which are used to transport new or disabled vehicles and other equipment.