Olstein Capital Management L.P. Cuts Holdings in Miller Industries, Inc. (MLR)
Olstein Capital Management L.P. lowered its stake in Miller Industries, Inc. (NYSE:MLR) by 15.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 59,485 shares of the auto parts company’s stock after selling 10,941 shares during the quarter. Olstein Capital Management L.P. owned about 0.52% of Miller Industries worth $1,600,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. First Trust Advisors LP lifted its stake in Miller Industries by 18.0% in the second quarter. First Trust Advisors LP now owns 12,900 shares of the auto parts company’s stock valued at $330,000 after buying an additional 1,971 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Miller Industries by 39.8% in the second quarter. Renaissance Technologies LLC now owns 74,500 shares of the auto parts company’s stock valued at $1,903,000 after buying an additional 21,200 shares in the last quarter. North Star Investment Management Corp. bought a new position in Miller Industries in the third quarter valued at approximately $384,000. Meeder Asset Management Inc. lifted its stake in Miller Industries by 134.0% in the second quarter. Meeder Asset Management Inc. now owns 4,415 shares of the auto parts company’s stock valued at $113,000 after buying an additional 2,528 shares in the last quarter. Finally, Royce & Associates LP lifted its stake in Miller Industries by 3.1% in the second quarter. Royce & Associates LP now owns 1,102,147 shares of the auto parts company’s stock valued at $28,160,000 after buying an additional 32,963 shares in the last quarter. 81.81% of the stock is currently owned by hedge funds and other institutional investors.
Shares of MLR opened at $26.57 on Tuesday. The company has a market capitalization of $302.78 million, a price-to-earnings ratio of 9.40 and a beta of 0.60. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.39 and a current ratio of 2.05. Miller Industries, Inc. has a twelve month low of $22.80 and a twelve month high of $29.40.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Monday, December 3rd will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Friday, November 30th.
Separately, ValuEngine lowered shares of Miller Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd.
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Miller Industries Profile
Miller Industries, Inc, together with its subsidiaries, engages in the manufacture and sale of towing and recovery equipment. It offers wreckers, such as conventional tow trucks and recovery vehicles 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 that are used to transport new or disabled vehicles and other equipment.
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