Harbor Capital Advisors Reduces Stake in Miller Industries by 62.7%

Harbor Capital Advisors Inc. has significantly reduced its investment in Miller Industries, Inc. (NYSE: MLR), cutting its holdings by 62.7% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission, Harbor now holds 13,171 shares of the auto parts manufacturer, down from 35,317 shares after selling 22,146 shares during the quarter. The remaining shares are valued at approximately $532,000.

Several other institutional investors have also adjusted their positions in Miller Industries. Notably, EverSource Wealth Advisors LLC increased its stake by 66.5% in the second quarter, acquiring an additional 329 shares for a total of 824 shares, valued at $37,000. The Public Employees Retirement System of Ohio made a significant move, increasing its holdings by an astonishing 1,842.0% and owning 1,709 shares worth $76,000 after buying an additional 1,621 shares.

AlphaQuest LLC also expanded its position during the first quarter, growing its ownership by 230.3% to 1,985 shares, valued at $84,000. Other notable changes include Raymond James Financial Inc. acquiring a new stake valued at approximately $125,000 and Strs Ohio purchasing a new stake valued at $182,000. Currently, institutional investors and hedge funds own 79.24% of Miller Industries’ stock.

Analysts Share Perspectives on Miller Industries

In light of these developments, several research analysts have updated their ratings for Miller Industries stock. Zacks Research upgraded the stock from a “strong sell” to a “hold” rating in a note released on October 7, 2023. Meanwhile, Loop Capital set a price target of $46.00 for the shares in a report issued on November 10, 2023. Weiss Ratings has maintained a “hold (c)” rating for the stock as of December 22, 2023. Currently, one analyst has rated Miller Industries as a Buy, while two others have assigned a Hold rating, resulting in an average recommendation of “Hold” with a price target of $55.00, according to MarketBeat.com.

Miller Industries’ Financial Performance and Upcoming Dividend

Miller Industries’ stock opened at $38.22 on Monday. The company boasts a market capitalization of $436.89 million, a price-to-earnings (PE) ratio of 14.70, and a beta of 1.26. Its fifty-day simple moving average stands at $38.61, while the two-hundred-day moving average is $40.94. The company has experienced a 12-month low of $33.81 and a high of $70.06.

Miller Industries recently reported its quarterly earnings on November 5, 2023, revealing earnings per share of $0.27, exceeding analysts’ expectations of $0.02 by $0.25. The firm generated revenue of $178.67 million for the quarter, surpassing analyst estimates of $177.55 million. The company recorded a net margin of 3.59% and a return on equity of 7.32%. Analysts predict that Miller Industries will post an earnings per share of $5.68 for the current fiscal year.

In addition, Miller Industries declared a quarterly dividend, which was paid on December 9, 2023. Shareholders of record on December 2, 2023, received a dividend of $0.20 per share, representing an annualized dividend of $0.80 and a yield of 2.1%. The company’s payout ratio currently stands at 30.77%.

Founded in the early 1990s and headquartered in Ooltewah, Tennessee, Miller Industries is a leading designer, engineer, and manufacturer of towing and recovery vehicles. Its extensive product portfolio includes light-, medium-, and heavy-duty tow trucks, integrated carriers, rotators, wreckers, trailers, and related hydraulic and electronic components. The company serves a diverse clientele in the towing, recovery, roadside assistance, and vehicle transport industries.