Miller Industries Investor Pushes for Review, Possible Sale [BNN Bloomberg (Canada)]
Miller Industries, Inc. (MLR)
US:NYSE Investor Relations:
millerind.com/investor-relations
Company Research
Source: BNN Bloomberg
Advisory Research, which has a 3.25% stake in the manufacturer, said the company could fetch a premium of more than 30% in a sale and should hire independent advisers to oversee the process, according to a letter reviewed by Bloomberg News. The investor said the company trades at a discount to public peers due to lagging margins and high operating costs. Shares of Miller Industries have climbed 14% this year, giving it a market value of $552 million. “Outsized management compensation, hefty legal expenses, sizable corporate staffing levels and the use of two corporate jets are just a few examples of the board's lack of operating discipline and oversight,” Advisory Research Chairman Matthew Swaim said in the letter. A representative for Miller Industries didn't immediately reply to a request for comment before normal business hours. The Chicago-based asset manager said it had engaged with Miller Industries' management team and board in the past several months and put forward t
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News
- Miller Industries, Inc.'s (NYSE:MLR) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum? [Yahoo! Finance]Yahoo! Finance
- Is Miller Industries (MLR) a Cyclical Business? [Yahoo! Finance]Yahoo! Finance
- MILLER INDUSTRIES BOARD AUTHORIZES NEW SHARE REPURCHASE PROGRAM [Yahoo! Finance]Yahoo! Finance
- Miller Industries announces $25M share repurchase program [Seeking Alpha]Seeking Alpha
- MILLER INDUSTRIES BOARD AUTHORIZES NEW SHARE REPURCHASE PROGRAMPR Newswire
MLR
Sec Filings
- 4/26/24 - Form ARS
- 4/26/24 - Form DEF
- 4/2/24 - Form 8-K
- MLR's page on the SEC website