Portolan Capital Management LLC Makes New $9.37 Million Investment in Miller Industries, Inc. (NYSE:MLR)

Portolan Capital Management LLC bought a new position in shares of Miller Industries, Inc. (NYSE:MLR - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 143,304 shares of the auto parts company's stock, valued at approximately $9,366,000. Portolan Capital Management LLC owned about 1.25% of Miller Industries as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Royce & Associates LP lifted its stake in Miller Industries by 29.8% during the fourth quarter. Royce & Associates LP now owns 644,607 shares of the auto parts company's stock worth $42,132,000 after purchasing an additional 148,079 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Miller Industries by 0.6% in the 4th quarter. Franklin Resources Inc. now owns 248,555 shares of the auto parts company's stock worth $16,246,000 after buying an additional 1,511 shares during the last quarter. State Street Corp boosted its holdings in shares of Miller Industries by 4.3% in the 3rd quarter. State Street Corp now owns 230,828 shares of the auto parts company's stock valued at $14,081,000 after buying an additional 9,482 shares during the period. Allspring Global Investments Holdings LLC increased its position in Miller Industries by 15.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 178,271 shares of the auto parts company's stock worth $11,652,000 after buying an additional 24,427 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Miller Industries by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 93,542 shares of the auto parts company's stock valued at $6,114,000 after buying an additional 587 shares during the last quarter. Institutional investors and hedge funds own 79.24% of the company's stock.

Miller Industries Stock Performance

Shares of MLR traded up $0.50 during midday trading on Friday, hitting $40.22. 86,790 shares of the stock traded hands, compared to its average volume of 97,226. The business's 50 day moving average price is $48.19 and its two-hundred day moving average price is $60.97. The firm has a market capitalization of $460.02 million, a PE ratio of 6.67 and a beta of 1.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 2.12. Miller Industries, Inc. has a 1-year low of $37.40 and a 1-year high of $78.25.

Miller Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 17th were given a $0.20 dividend. This is a boost from Miller Industries's previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.80 annualized dividend and a yield of 1.99%. Miller Industries's dividend payout ratio is 14.57%.

Miller Industries 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.