Franklin Resources Inc. Has $15.65 Million Stock Position in Miller Industries, Inc. (NYSE:MLR)

Franklin Resources Inc. lowered its position in shares of Miller Industries, Inc. (NYSE:MLR) by 11.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 247,044 shares of the auto parts company’s stock after selling 32,464 shares during the quarter. Franklin Resources Inc. owned 2.16% of Miller Industries worth $15,653,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Innealta Capital LLC acquired a new stake in Miller Industries during the 2nd quarter valued at $39,000. Point72 DIFC Ltd raised its position in Miller Industries by 146.9% during the second quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock valued at $55,000 after buying an additional 595 shares during the period. Sanctuary Advisors LLC purchased a new stake in Miller Industries in the 3rd quarter worth about $195,000. Quest Partners LLC purchased a new stake in Miller Industries in the 2nd quarter worth about $200,000. Finally, Lakewood Asset Management LLC acquired a new stake in Miller Industries during the 3rd quarter worth about $250,000. Hedge funds and other institutional investors own 79.24% of the company’s stock.

Miller Industries Price Performance

Shares of NYSE:MLR opened at $67.04 on Friday. The business has a fifty day simple moving average of $69.53 and a 200 day simple moving average of $63.08. The company has a current ratio of 2.12, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Miller Industries, Inc. has a 1 year low of $38.33 and a 1 year high of $78.25. The firm has a market cap of $766.87 million, a price-to-earnings ratio of 11.12 and a beta of 0.96.

Miller Industries (NYSE:MLR) last posted its quarterly earnings results 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 return on equity of 18.76% and a net margin of 5.23%. During the same period last year, the business earned $1.52 earnings per share. As a group, sell-side analysts predict that Miller Industries, Inc. will post 5.68 earnings per share for the current fiscal year.

Miller Industries Announces Dividend

The firm also recently disclosed 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 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Monday, December 2nd. Miller Industries’s payout ratio is presently 12.60%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MLR. DA Davidson reiterated a “buy” rating and issued a $82.00 target price 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 note on Wednesday, November 13th.

Miller Industries 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.