State Street Corp Boosts Stock Position in Miller Industries, Inc. (NYSE:MLR)

State Street Corp increased its stake in Miller Industries, Inc. (NYSE:MLR - Free Report) by 4.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 230,828 shares of the auto parts company's stock after acquiring an additional 9,482 shares during the quarter. State Street Corp owned about 2.02% of Miller Industries worth $14,081,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MLR. Bank of New York Mellon Corp increased its position in shares of Miller Industries by 1.3% during the second quarter. Bank of New York Mellon Corp now owns 100,538 shares of the auto parts company's stock worth $5,532,000 after acquiring an additional 1,253 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Miller Industries by 1.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 154,484 shares of the auto parts company's stock worth $8,500,000 after purchasing an additional 1,722 shares during the period. Innealta Capital LLC purchased a new position in shares of Miller Industries in the 2nd quarter worth about $39,000. Rhumbline Advisers increased its holdings in Miller Industries by 5.3% during the second quarter. Rhumbline Advisers now owns 18,207 shares of the auto parts company's stock worth $1,002,000 after buying an additional 924 shares during the last quarter. Finally, Narwhal Capital Management boosted its stake in Miller Industries by 18.2% in the second quarter. Narwhal Capital Management now owns 86,585 shares of the auto parts company's stock valued at $4,764,000 after acquiring an additional 13,323 shares during the last quarter. 79.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MLR shares. DA Davidson reissued a "buy" rating and set a $82.00 price objective on shares of Miller Industries in a report on Friday, November 15th. StockNews.com lowered shares of Miller Industries from a "buy" rating to a "hold" rating in a research report on Wednesday, November 13th.

Miller Industries Price Performance

NYSE MLR traded up $1.15 during trading hours on Wednesday, hitting $67.55. The company had a trading volume of 21,938 shares, compared to its average volume of 77,409. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 2.12. The firm has a market capitalization of $772.70 million, a price-to-earnings ratio of 11.20 and a beta of 0.96. Miller Industries, Inc. has a 52 week low of $38.33 and a 52 week high of $78.25. The firm has a 50 day simple moving average of $69.69 and a 200 day simple moving average of $63.28.

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

Miller Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, December 2nd were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend was Monday, December 2nd. Miller Industries's dividend payout ratio is currently 12.60%.

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.