Allspring Global Investments Holdings LLC Increases Stock Position in Miller Industries, Inc. $MLR

Allspring Global Investments Holdings LLC lifted its position in shares of Miller Industries, Inc. (NYSE:MLR) by 17.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 91,977 shares of the auto parts company’s stock after purchasing an additional 13,564 shares during the period. Allspring Global Investments Holdings LLC owned 0.81% of Miller Industries worth $4,224,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted 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 buying an additional 329 shares during the last quarter. IFP Advisors Inc grew 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. Russell Investments Group Ltd. grew its position in shares of Miller Industries by 736.0% during the 3rd 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 period. Raymond James Financial Inc. purchased a new stake in shares of Miller Industries during the 2nd quarter worth approximately $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Miller Industries in the 3rd quarter worth approximately $159,000. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MLR shares. DA Davidson upped their price objective on Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research report on Wednesday, June 24th. Finally, Zacks Research upgraded Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.00.

Miller Industries Stock Up 0.3%

Shares of NYSE MLR opened at $51.39 on Friday. Miller Industries, Inc. has a one year low of $33.81 and a one year high of $52.93. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.78. The firm’s 50 day simple moving average is $49.02 and its two-hundred day simple moving average is $45.96. The stock has a market capitalization of $585.80 million, a P/E ratio of 38.35 and a beta of 1.10.

Miller Industries (NYSE:MLR) last released its earnings results on Wednesday, May 6th. The auto parts company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.17). The business had revenue of $180.86 million for the quarter, compared to the consensus estimate of $181.10 million. Miller Industries had a net margin of 2.08% and a return on equity of 3.70%. As a group, analysts expect that Miller Industries, Inc. will post 1.9 EPS for the current fiscal year.

Miller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Monday, June 1st were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, June 1st. Miller Industries’s payout ratio is presently 62.69%.

About Miller Industries

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.