Hotchkis & Wiley Cuts Miller Industries Stake to 3.3%

TL;DR

**Hotchkis & Wiley just trimmed its stake in Miller Industries to 3.3%.**

AI Summary

Hotchkis & Wiley Capital Management LLC, an investment advisor based in Los Angeles, CA, filed an amended SC 13G/A on February 13, 2024, disclosing its ownership in Miller Industries Inc. As of December 31, 2023, the firm beneficially owned 378,393 shares of Miller Industries' common stock, representing 3.3% of the company. This is a decrease from their previous holding, indicating a reduction in their stake, which could signal a shift in their investment strategy or outlook on Miller Industries' future performance.

Why It Matters

This filing shows a significant institutional investor has reduced its position in Miller Industries, which could be interpreted as a lack of confidence and might influence other investors' decisions.

Risk Assessment

Risk Level: medium — A notable institutional investor reducing its stake can sometimes precede a period of underperformance for the stock, posing a moderate risk to current and potential investors.

Analyst Insight

A smart investor would investigate the reasons behind Hotchkis & Wiley's reduction in stake, potentially looking for any negative news or changes in Miller Industries' fundamentals before making further investment decisions.

Key Numbers

• 378,393 — Shares Beneficially Owned (This is the total number of shares Hotchkis & Wiley Capital Management LLC reported owning in Miller Industries Inc. as of December 31, 2023.)
• 3.3% — Percentage of Class (This represents the percentage of Miller Industries Inc.'s common stock that Hotchkis & Wiley Capital Management LLC beneficially owns, indicating a reduction from a prior filing.)
• $0.01 — Par Value per Share (This is the stated par value of Miller Industries Inc.'s common stock, as mentioned in the filing.)

Key Players & Entities

• Hotchkis & Wiley Capital Management LLC (company) — the reporting person, an investment advisor
• Miller Industries Inc (company) — the subject company, a manufacturer of truck and bus bodies
• 378,393 (dollar_amount) — number of shares beneficially owned by Hotchkis & Wiley
• 3.3% (dollar_amount) — percentage of Miller Industries' common stock owned by Hotchkis & Wiley
• December 31, 2023 (date) — the date of the event requiring this filing
• February 13, 2024 (date) — the filing date of the SC 13G/A

Forward-Looking Statements

• Miller Industries Inc. stock may experience downward pressure due to the reduced institutional ownership. (Miller Industries Inc.) — medium confidence, target: Q2 2024
• Other institutional investors might re-evaluate their positions in Miller Industries Inc. following this disclosure. (Institutional Investors) — medium confidence, target: Q2 2024

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti

Filing Documents

• hotchkiswiley-mlr123123a1.htm (SC 13G/A) — 52KB
• 0001172661-24-000824.txt ( ) — 53KB

(a)Name of Issuer

Item 1. (a)Name of Issuer MILLER INDUSTRIES, INC. (b)Address of Issuer’s Principal Executive Offices 8503 Hilltop Drive Ooltewah, Tennessee 37363

(a)Name of Person Filing

Item 2. (a)Name of Person Filing Hotchkis and Wiley Capital Management, LLC (b)Address of Principal Business Office, or, if none, Residence 601 S. Figueroa Street, 39th Fl Los Angeles, CA 90017 (c)Citizenship Delaware (d)Title of Class of Securities Common Stock, par value $0.01 per share (e) CUSIP No.: 600551204 CUSIP No. 600551204 SCHEDULE 13G/A Page 4 of 6 Pages

If

Item 3.If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); (b) o Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); (c) Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); (d) Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) x An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) A group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J), please specify the type of institution: CUSIP No. 600551204 SCHEDULE 13G/A Page 5 of 6 Pages Item 4.Ownership Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: 378,393 (b) Percent of class: 3.31% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 332,093 (ii) Shared power to vote or to direct the vote: 0 (iii) Sole power to dispose or to direct the disposition of: 378,393 (iv) Shared power to dispose or to direct the disposition of: 0 Note that certain of HWCM's clients have retained voting power over the Common Shares that they beneficially own. Accordingly, HWCM has the

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