Allspring Global Investments Holdings LLC Sells 65,756 Shares of Miller Industries, Inc. (NYSE:MLR)

Allspring Global Investments Holdings LLC decreased its stake in Miller Industries, Inc. (NYSE:MLR) by 36.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 112,515 shares of the auto parts company’s stock after selling 65,756 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Miller Industries were worth $4,767,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Royce & Associates LP lifted its stake in shares of Miller Industries by 29.8% in the fourth quarter. Royce & Associates LP now owns 644,607 shares of the auto parts company’s stock worth $42,132,000 after acquiring an additional 148,079 shares during the period. Systematic Financial Management LP raised its holdings in Miller Industries by 2.0% during the 4th quarter. Systematic Financial Management LP now owns 403,191 shares of the auto parts company’s stock worth $26,353,000 after purchasing an additional 8,032 shares during the last quarter. Franklin Resources Inc. raised its holdings in Miller Industries by 0.6% during the 4th quarter. Franklin Resources Inc. now owns 248,555 shares of the auto parts company’s stock worth $16,246,000 after purchasing an additional 1,511 shares during the last quarter. Portolan Capital Management LLC acquired a new position in shares of Miller Industries in the 4th quarter worth approximately $9,366,000. Finally, Narwhal Capital Management lifted its position in shares of Miller Industries by 20.0% in the 1st quarter. Narwhal Capital Management now owns 121,499 shares of the auto parts company’s stock worth $5,148,000 after purchasing an additional 20,273 shares during the period. 79.24% of the stock is currently owned by institutional investors.

Miller Industries Stock Down 0.2%

Miller Industries stock opened at $46.48 on Friday. The company has a market capitalization of $532.66 million, a PE ratio of 9.87 and a beta of 1.22. Miller Industries, Inc. has a 12-month low of $37.40 and a 12-month high of $78.25. The firm’s fifty day moving average is $44.70 and its 200 day moving average is $51.67. The company has a quick ratio of 2.16, a current ratio of 3.23 and a debt-to-equity ratio of 0.18.

Miller Industries (NYSE:MLR) last posted its quarterly earnings results on Wednesday, May 7th. The auto parts company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.09. The business had revenue of $225.65 million for the quarter, compared to the consensus estimate of $224.35 million. Miller Industries had a return on equity of 13.78% and a net margin of 4.81%. As a group, sell-side analysts predict that Miller Industries, Inc. will post 5.68 EPS for the current fiscal year.

Miller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.20 per share. The ex-dividend date was Monday, June 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 1.72%. Miller Industries’s dividend payout ratio (DPR) is presently 16.99%.

Analyst Ratings Changes

Separately, DA Davidson lowered their target price on shares of Miller Industries from $66.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, June 26th.

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.