Miller Industries, Inc. (NYSE:MLR) was the recipient of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 96,400 shares, a decline of 10.9% from the June 30th total of 108,200 shares. Based on an average trading volume of 42,000 shares, the short-interest ratio is currently 2.3 days. Approximately 0.9% of the company’s shares are short sold.
Shares of NYSE MLR traded down $1.22 during trading on Wednesday, hitting $31.39. 66,400 shares of the company traded hands, compared to its average volume of 38,855. Miller Industries has a 1 year low of $22.80 and a 1 year high of $35.26. The stock has a 50-day moving average of $31.00. The company has a market cap of $367.20 million, a price-to-earnings ratio of 9.45 and a beta of 0.99. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.05 and a quick ratio of 1.47.
Miller Industries (NYSE:MLR) last announced its quarterly earnings data on Wednesday, August 7th. The auto parts company reported $0.94 earnings per share (EPS) for the quarter. Miller Industries had a net margin of 4.88% and a return on equity of 16.81%. The company had revenue of $222.35 million during the quarter.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Monday, September 9th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.72 annualized dividend and a dividend yield of 2.29%.
Separately, ValuEngine cut shares of Miller Industries from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st.
In other Miller Industries news, Director A Russell Chandler III sold 8,000 shares of Miller Industries stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $30.67, for a total value of $245,360.00. Following the completion of the sale, the director now directly owns 66,742 shares of the company’s stock, valued at approximately $2,046,977.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey I. Badgley sold 7,820 shares of Miller Industries stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $32.53, for a total transaction of $254,384.60. Following the completion of the sale, the chief executive officer now directly owns 2,180 shares of the company’s stock, valued at $70,915.40. The disclosure for this sale can be found here. Insiders sold a total of 39,820 shares of company stock valued at $1,276,605 over the last ninety days. 3.90% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. CNA Financial Corp grew its stake in shares of Miller Industries by 19.3% during the 1st quarter. CNA Financial Corp now owns 10,527 shares of the auto parts company’s stock valued at $325,000 after buying an additional 1,700 shares during the period. Geode Capital Management LLC boosted its position in Miller Industries by 23.7% during the 4th quarter. Geode Capital Management LLC now owns 117,927 shares of the auto parts company’s stock worth $3,184,000 after purchasing an additional 22,588 shares during the period. Northern Trust Corp boosted its position in Miller Industries by 3.1% during the 4th quarter. Northern Trust Corp now owns 155,044 shares of the auto parts company’s stock worth $4,186,000 after purchasing an additional 4,669 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Miller Industries during the 1st quarter worth $218,000. Finally, Alambic Investment Management L.P. boosted its position in Miller Industries by 2.6% during the 1st quarter. Alambic Investment Management L.P. now owns 16,870 shares of the auto parts company’s stock worth $520,000 after purchasing an additional 429 shares during the period. 86.81% of the stock is owned by institutional investors.
About Miller Industries
Miller Industries, Inc, together with its subsidiaries, engages in the manufacture and sale of towing and recovery equipment. It 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 that are used to transport new or disabled vehicles and other equipment.
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