Principal Financial Group Inc. Makes New Investment in Miller Industries, Inc. (NYSE:MLR)

Principal Financial Group Inc. purchased a new stake in Miller Industries, Inc. (NYSE:MLR) during the third quarter, according to its most recent 13F filing with the SEC. The firm purchased 8,130 shares of the auto parts company’s stock, valued at approximately $496,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Innealta Capital LLC acquired a new stake in shares of Miller Industries in the 2nd quarter worth $39,000. Point72 DIFC Ltd raised its stake in Miller Industries by 146.9% in 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 last quarter. Quest Partners LLC acquired a new stake in Miller Industries in the second quarter worth about $200,000. Lakewood Asset Management LLC acquired a new stake in Miller Industries in the third quarter worth about $250,000. Finally, SG Americas Securities LLC grew its stake in shares of Miller Industries by 84.8% during the third quarter. SG Americas Securities LLC now owns 5,153 shares of the auto parts company’s stock worth $314,000 after acquiring an additional 2,364 shares during the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.

Miller Industries Price Performance

Miller Industries stock opened at $71.93 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 2.12. The company’s fifty day moving average price is $65.06 and its 200 day moving average price is $61.25. The stock has a market capitalization of $822.81 million, a P/E ratio of 11.93 and a beta of 0.94. Miller Industries, Inc. has a 1 year low of $38.33 and a 1 year high of $78.25.

Miller Industries (NYSE:MLR) last announced its earnings results on Tuesday, November 12th. The auto parts company reported $1.33 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.33. Miller Industries had a net margin of 5.23% and a return on equity of 18.76%. The company had revenue of $314.27 million for the quarter. During the same period last year, the firm earned $1.52 EPS. As a group, equities research analysts anticipate that Miller Industries, Inc. will post 5.68 earnings per share for the current fiscal year.

Miller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Monday, December 2nd will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date of this dividend is Monday, December 2nd. Miller Industries’s dividend payout ratio is presently 12.60%.

Analyst Upgrades and Downgrades

MLR has been the subject of a number of recent analyst reports. DA Davidson reiterated a “buy” rating and issued a $82.00 target price on shares of Miller Industries in a research note on Friday, November 15th. StockNews.com downgraded Miller Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th.

Miller Industries Company 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.