Principal Financial Group Inc. Boosts Holdings in Miller Industries, Inc. (NYSE:MLR)

Principal Financial Group Inc. increased its holdings in Miller Industries, Inc. (NYSE:MLR) by 9.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,887 shares of the auto parts company’s stock after buying an additional 757 shares during the quarter. Principal Financial Group Inc. owned 0.08% of Miller Industries worth $581,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MLR. FMR LLC boosted its holdings in shares of Miller Industries by 10.2% in the third quarter. FMR LLC now owns 766,623 shares of the auto parts company’s stock worth $46,764,000 after buying an additional 71,231 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Miller Industries by 193.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,955 shares of the auto parts company’s stock valued at $5,670,000 after purchasing an additional 61,247 shares in the last quarter. Royce & Associates LP lifted its holdings in Miller Industries by 12.9% during the third quarter. Royce & Associates LP now owns 496,528 shares of the auto parts company’s stock valued at $30,288,000 after purchasing an additional 56,578 shares in the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in Miller Industries by 11.3% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 367,793 shares of the auto parts company’s stock valued at $22,435,000 after purchasing an additional 37,480 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Miller Industries by 188.9% during the third quarter. The Manufacturers Life Insurance Company now owns 37,391 shares of the auto parts company’s stock valued at $2,281,000 after purchasing an additional 24,449 shares in the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.

Miller Industries Price Performance

MLR stock opened at $46.73 on Friday. Miller Industries, Inc. has a one year low of $41.38 and a one year high of $78.25. The company’s fifty day moving average price is $63.79 and its 200-day moving average price is $64.91. 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 has a market capitalization of $534.51 million, a PE ratio of 7.75 and a beta of 0.97.

Miller Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Monday, March 17th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.71%. The ex-dividend date is Monday, March 17th. This is an increase from Miller Industries’s previous quarterly dividend of $0.19. Miller Industries’s payout ratio is 12.60%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. DA Davidson reaffirmed a “buy” rating and set a $82.00 price target on shares of Miller Industries in a report on Friday, November 15th. StockNews.com downgraded shares of Miller Industries from a “buy” rating to a “hold” rating in a report 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.