Reasons to Invest in Miller Industries (MLR)

Diamond Hill Capital, an investment management company, released its “Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q3 2023, US stocks fell by 3%, bringing YTD gains to around 12% as measured by the Russell 3000 Index. The portfolio trailed the Russell 2000 Index in Q3 and returned -5.62% bringing the YTD returns to 6.70%. Relative weakness in consumer discretionary holdings, industrials, and technology impacted the performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Small Cap Fund highlighted stocks like Miller Industries, Inc. (NYSE:MLR) in the third quarter 2023 investor letter. Headquartered in Ooltewah, Tennessee, Miller Industries, Inc. (NYSE:MLR) is a towing and recovery equipment manufacturer. On November 8, 2023, Miller Industries, Inc. (NYSE:MLR) stock closed at $37.41 per share. One-month return of Miller Industries, Inc. (NYSE:MLR) was -6.19%, and its shares gained 46.13% of their value over the last 52 weeks. Miller Industries, Inc. (NYSE:MLR) has a market capitalization of $428.18 million.

Diamond Hill Small Cap Fund made the following comment about Miller Industries, Inc. (NYSE:MLR) in its Q3 2023 investor letter:

“Miller Industries, Inc. (NYSE:MLR) is the world’s largest manufacturer of towing and recovery equipment with four manufacturing facilities in the US (its core market) and two in Europe. The company is the dominant player in its space, with a large stable of brands and the largest distribution network in North America, through which it sells products across all 50 states. Miller has a long track record of steady growth and consistent returns with a conservative balance sheet. Further, its management team has a history of sound capital stewardship and dividend payments to shareholders. We believe the company will benefit from ongoing customer demand tailwinds and a favorable pricing environment, while recent capital expenditures and M&A should benefit the margin profile.”

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Miller Industries, Inc. (NYSE:MLR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Miller Industries, Inc. (NYSE:MLR) at the end of second quarter which was 5 in the previous quarter.

We discussed Miller Industries, Inc. (NYSE:MLR) in another article and shared Palm Valley Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.