Front Street Capital Management Inc. Purchases Shares of 716,804 Miller Industries, Inc. $MLR

Front Street Capital Management Inc. purchased a new position in Miller Industries, Inc. (NYSE:MLR) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 716,804 shares of the auto parts company’s stock, valued at approximately $14,666,000. Miller Industries comprises approximately 1.7% of Front Street Capital Management Inc.’s holdings, making the stock its 23rd largest holding. Front Street Capital Management Inc. owned approximately 0.06% of Miller Industries as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. EverSource Wealth Advisors LLC raised its position in shares of Miller Industries by 66.5% in the 2nd 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 during the last quarter. IFP Advisors Inc boosted its stake in Miller Industries by 200.0% in the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock worth $34,000 after purchasing an additional 604 shares in the last quarter. Russell Investments Group Ltd. grew its position in Miller Industries by 736.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock worth $46,000 after purchasing an additional 1,001 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Miller Industries during the 2nd quarter worth approximately $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Miller Industries during the 3rd quarter valued at approximately $159,000. Hedge funds and other institutional investors own 79.24% of the company’s stock.

Miller Industries Price Performance

MLR stock opened at $56.80 on Tuesday. The firm’s fifty day simple moving average is $51.58 and its 200-day simple moving average is $47.99. Miller Industries, Inc. has a 12 month low of $35.72 and a 12 month high of $57.76. The company has a market capitalization of $644.62 million, a P/E ratio of 45.80 and a beta of 1.11.

Miller Industries (NYSE:MLR) last announced its quarterly earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.27. The company had revenue of $239.99 million during the quarter, compared to analysts’ expectations of $210.80 million. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%. As a group, sell-side analysts forecast that Miller Industries, Inc. will post 1.95 earnings per share for the current year.

Miller Industries Announces Dividend

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

Analysts Set New Price Targets

MLR has been the subject of a number of research analyst reports. DA Davidson raised their price target on shares of Miller Industries from $56.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Wall Street Zen raised shares of Miller Industries from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 8th. Zacks Research raised Miller Industries from a “strong sell” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $54.00.

Miller Industries 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.