Short Interest in Miller Industries, Inc. (NYSE:MLR) Rises By 52.2%

Miller Industries, Inc. (NYSE:MLR - Get Free Report) saw a significant growth in short interest in September. As of September 15th, there was short interest totalling 303,100 shares, a growth of 52.2% from the August 31st total of 199,100 shares. Currently, 2.8% of the company's stock are sold short. Based on an average daily volume of 99,600 shares, the short-interest ratio is currently 3.0 days.

Institutional Investors Weigh In On Miller Industries

Several large investors have recently modified their holdings of MLR. Cubist Systematic Strategies LLC grew its holdings in Miller Industries by 2.5% during the second quarter. Cubist Systematic Strategies LLC now owns 8,220 shares of the auto parts company's stock valued at $452,000 after purchasing an additional 201 shares during the period. Ellsworth Advisors LLC grew its stake in shares of Miller Industries by 4.9% during the 2nd quarter. Ellsworth Advisors LLC now owns 11,431 shares of the auto parts company's stock worth $629,000 after acquiring an additional 531 shares during the period. Point72 DIFC Ltd grew its stake in shares of Miller Industries by 146.9% during the 2nd quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company's stock worth $55,000 after acquiring an additional 595 shares during the period. Innealta Capital LLC purchased a new stake in Miller Industries in the 2nd quarter worth about $39,000. Finally, Kennedy Capital Management LLC raised its stake in Miller Industries by 2.4% in the 1st quarter. Kennedy Capital Management LLC now owns 36,707 shares of the auto parts company's stock valued at $1,839,000 after acquiring an additional 853 shares during the period. Hedge funds and other institutional investors own 79.24% of the company's stock.

Analyst Ratings Changes

Separately, StockNews.com downgraded Miller Industries from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 12th.

Miller Industries Stock Performance

MLR stock traded up $0.55 during midday trading on Friday, hitting $60.20. The company's stock had a trading volume of 36,533 shares, compared to its average volume of 74,609. Miller Industries has a 1 year low of $34.96 and a 1 year high of $69.75. The stock has a market cap of $690.49 million, a price-to-earnings ratio of 10.51 and a beta of 0.96. The stock's 50-day moving average price is $60.90 and its 200 day moving average price is $56.58. The company has a quick ratio of 1.44, a current ratio of 2.08 and a debt-to-equity ratio of 0.18.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The auto parts company reported $1.78 earnings per share for the quarter. Miller Industries had a net margin of 5.55% and a return on equity of 20.16%. The company had revenue of $371.45 million for the quarter.

Miller Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 9th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend was Monday, September 9th. Miller Industries's dividend payout ratio is currently 13.26%.

About Miller Industries

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.