JPMorgan Chase & Co. Purchases 13,679 Shares of Miller Industries, Inc. (NYSE:MLR)

JPMorgan Chase & Co. grew its stake in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) by 58.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,963 shares of the auto parts company's stock after acquiring an additional 13,679 shares during the period. JPMorgan Chase & Co. owned 0.32% of Miller Industries worth $2,255,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. American Century Companies Inc. lifted its stake in Miller Industries by 18.9% in the second quarter. American Century Companies Inc. now owns 18,390 shares of the auto parts company's stock valued at $1,012,000 after acquiring an additional 2,923 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Miller Industries during the 2nd quarter worth $468,000. Marshall Wace LLP bought a new position in shares of Miller Industries during the 2nd quarter valued at $721,000. Point72 DIFC Ltd boosted its holdings in Miller Industries by 146.9% in the second quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company's stock worth $55,000 after purchasing an additional 595 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in Miller Industries by 2.5% in the second quarter. Cubist Systematic Strategies LLC now owns 8,220 shares of the auto parts company's stock worth $452,000 after purchasing an additional 201 shares in the last quarter. 79.24% of the stock is owned by institutional investors and hedge funds.

Miller Industries Stock Performance

Miller Industries stock traded up $0.57 on Wednesday, reaching $68.58. 203,172 shares of the stock were exchanged, compared to its average volume of 76,313. The company has a current ratio of 2.12, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Miller Industries, Inc. has a twelve month low of $39.92 and a twelve month high of $78.25. The firm has a fifty day moving average price of $68.91 and a two-hundred day moving average price of $64.67. The stock has a market cap of $784.57 million, a PE ratio of 11.37 and a beta of 0.98.

Miller Industries (NYSE:MLR - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The auto parts company reported $1.33 earnings per share for the quarter, hitting the consensus estimate of $1.33. The business had revenue of $314.27 million during the quarter. Miller Industries had a return on equity of 18.76% and a net margin of 5.23%. During the same period in the prior year, the firm posted $1.52 EPS. Sell-side analysts anticipate that Miller Industries, Inc. will post 5.68 EPS for the current year.

Miller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.11%. Miller Industries's payout ratio is 12.60%.

Analyst Upgrades and Downgrades

MLR has been the subject of several recent analyst reports. DA Davidson reiterated a "buy" rating and set a $82.00 price target on shares of Miller Industries in a research note on Friday, November 15th. StockNews.com cut Miller Industries from a "buy" rating to a "hold" rating in a research report on Wednesday, November 13th.

Miller Industries Company 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.