Miller Industries, Inc. (NYSE:MLR) Sees Large Decline in Short Interest

Miller Industries, Inc. (NYSE:MLR) was the recipient of a large decline in short interest in March. As of March 15th, there was short interest totalling 848,900 shares, a decline of 19.2% from the February 28th total of 1,050,000 shares. Based on an average daily volume of 117,900 shares, the days-to-cover ratio is currently 7.2 days. Approximately 7.8% of the shares of the company are short sold.

Miller Industries Stock Performance

NYSE MLR traded up $0.65 during mid-day trading on Tuesday, reaching $43.02. 161,124 shares of the stock were exchanged, compared to its average volume of 94,242. The company has a market capitalization of $492.06 million, a P/E ratio of 7.13 and a beta of 0.96. 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 business’s 50 day moving average is $56.52 and its 200-day moving average is $63.18. Miller Industries has a 1 year low of $41.38 and a 1 year high of $78.25.

Miller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 17th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend was Monday, March 17th. This is a positive change from Miller Industries’s previous quarterly dividend of $0.19. Miller Industries’s payout ratio is currently 14.57%.

Hedge Funds Weigh In On Miller Industries

A number of hedge funds have recently bought and sold shares of the business. Verition Fund Management LLC grew its position in shares of Miller Industries by 3.5% in the third quarter. Verition Fund Management LLC now owns 5,773 shares of the auto parts company’s stock valued at $352,000 after purchasing an additional 194 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Miller Industries by 3.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,312 shares of the auto parts company’s stock valued at $413,000 after purchasing an additional 225 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Miller Industries by 5.5% in the 4th quarter. Hsbc Holdings PLC now owns 4,955 shares of the auto parts company’s stock valued at $326,000 after purchasing an additional 260 shares in the last quarter. SG Americas Securities LLC boosted its stake in Miller Industries by 5.2% during the 4th quarter. SG Americas Securities LLC now owns 5,423 shares of the auto parts company’s stock worth $354,000 after purchasing an additional 270 shares during the last quarter. Finally, Redmont Wealth Advisors LLC grew its holdings in shares of Miller Industries by 2.3% during the fourth quarter. Redmont Wealth Advisors LLC now owns 12,392 shares of the auto parts company’s stock worth $810,000 after buying an additional 282 shares in the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.

About Miller Industries

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.