Connor Clark & Lunn Investment Management Ltd. Purchases 1,297 Shares of Miller Industries, Inc. (NYSE:MLR)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Miller Industries, Inc. (NYSE:MLR) by 18.5% in the third quarter, HoldingsChannel reports. The firm owned 8,303 shares of the auto parts company’s stock after acquiring an additional 1,297 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Miller Industries were worth $506,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MLR. Royce & Associates LP grew its holdings in Miller Industries by 12.9% in the third quarter. Royce & Associates LP now owns 496,528 shares of the auto parts company’s stock worth $30,288,000 after purchasing an additional 56,578 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Miller Industries by 1.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 154,484 shares of the auto parts company’s stock valued at $8,500,000 after buying an additional 1,722 shares during the last quarter. AdvisorShares Investments LLC boosted its holdings in Miller Industries by 7.4% in the second quarter. AdvisorShares Investments LLC now owns 136,902 shares of the auto parts company’s stock worth $7,426,000 after acquiring an additional 9,384 shares in the last quarter. Narwhal Capital Management grew its stake in shares of Miller Industries by 31.2% during the third quarter. Narwhal Capital Management now owns 113,568 shares of the auto parts company’s stock worth $6,928,000 after acquiring an additional 26,983 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings 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 valued at $5,532,000 after acquiring an additional 1,253 shares in the last quarter. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MLR shares. StockNews.com downgraded Miller Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. DA Davidson reissued a “buy” rating and issued a $82.00 price objective on shares of Miller Industries in a report on Friday, November 15th.

Miller Industries Stock Down 1.2 %

Miller Industries stock opened at $73.86 on Friday. Miller Industries, Inc. has a 12 month low of $38.33 and a 12 month high of $78.25. The stock has a market capitalization of $844.96 million, a PE ratio of 12.25 and a beta of 0.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.12 and a quick ratio of 1.46. The business has a 50 day simple moving average of $66.48 and a 200-day simple moving average of $61.81.

Miller Industries (NYSE:MLR) last posted its quarterly earnings data on Tuesday, November 12th. The auto parts company reported $1.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.33. The company had revenue of $314.27 million during 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 posted $1.52 earnings per share. On average, analysts anticipate that Miller Industries, Inc. will post 5.68 EPS for the current fiscal year.

Miller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, December 2nd will be issued a $0.19 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.76 dividend on an annualized basis and a yield of 1.03%. Miller Industries’s payout ratio is currently 12.60%.

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.