Diamond Hill Capital Management LLC Investment Advisor Purchases Shares of 23,199 Miller Industries, Inc. $MLR

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Miller Industries, Inc. (NYSE:MLR) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 23,199 shares of the auto parts company’s stock, valued at approximately $1,187,000. Diamond Hill Capital Management LLC Investment Advisor owned about 0.20% of Miller Industries at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MLR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 worth $281,000 after purchasing an additional 312 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Miller Industries by 66.5% in the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock valued at $37,000 after purchasing an additional 329 shares in the last quarter. Osaic Holdings Inc. increased its stake in Miller Industries by 7.5% in the fourth quarter. Osaic Holdings Inc. now owns 7,977 shares of the auto parts company’s stock valued at $298,000 after purchasing an additional 556 shares during the last quarter. IFP Advisors Inc increased its stake in Miller Industries by 200.0% in the fourth quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock valued at $34,000 after purchasing an additional 604 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Miller Industries by 6.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 12,100 shares of the auto parts company’s stock worth $452,000 after purchasing an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.

Miller Industries Price Performance

Miller Industries stock opened at $56.76 on Tuesday. Miller Industries, Inc. has a 12 month low of $35.72 and a 12 month high of $57.76. The business has a 50 day simple moving average of $50.79 and a 200-day simple moving average of $47.46. The stock has a market capitalization of $644.23 million, a PE ratio of 45.77 and a beta of 1.11.

Miller Industries (NYSE:MLR) last announced its quarterly earnings data on Wednesday, August 5th. The auto parts company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.27. The company had revenue of $239.99 million during the quarter, compared to the consensus estimate of $210.80 million. Miller Industries had a net margin of 1.86% and a return on equity of 3.41%. As a group, equities research analysts anticipate that Miller Industries, Inc. will post 1.95 EPS for the current year.

Miller Industries Announces Dividend

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Miller Industries from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Zacks Research upgraded shares of Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Finally, DA Davidson boosted their price target on shares of Miller Industries from $56.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, August 10th. One equities research 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 company has an average rating of “Hold” and an average target price of $54.00.

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.