Miller Industries (NYSE:MLR) Hits New 12-Month High – Here’s What Happened

Shares of Miller Industries, Inc. (NYSE:MLR) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $50.35 and last traded at $49.78, with a volume of 112327 shares changing hands. The stock had previously closed at $49.73.

Wall Street Analyst Weigh In

MLR has been the subject of a number of analyst reports. Zacks Research downgraded Miller Industries from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miller Industries in a report on Friday, March 27th. DA Davidson lifted their price target on shares of Miller Industries from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Finally, Loop Capital set a $44.00 price target on shares of Miller Industries in a report on Monday, March 9th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $50.00.

Miller Industries Price Performance

The company has a market capitalization of $567.49 million, a PE ratio of 37.15 and a beta of 1.11. The company has a current ratio of 2.98, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. The stock has a fifty day simple moving average of $47.89 and a 200-day simple moving average of $44.07.

Miller Industries (NYSE:MLR) last released its quarterly earnings data on Wednesday, May 6th. The auto parts company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.17). Miller Industries had a net margin of 2.08% and a return on equity of 3.70%. The business had revenue of $180.86 million during the quarter, compared to analysts’ expectations of $181.10 million. Equities analysts anticipate that Miller Industries, Inc. will post 1.9 earnings per share for the current year.

Miller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Monday, June 1st were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Monday, June 1st. Miller Industries’s dividend payout ratio is 62.69%.

Institutional Trading of Miller Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its holdings in shares of Miller Industries by 200.0% in the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock valued at $34,000 after buying an additional 604 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Miller Industries by 66.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock worth $37,000 after acquiring an additional 329 shares in the last quarter. Russell Investments Group Ltd. raised its stake in Miller Industries by 736.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock worth $46,000 after acquiring an additional 1,001 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Miller Industries in the second quarter valued at $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Miller Industries in the third quarter valued at $159,000. Institutional investors and hedge funds own 79.24% of the company’s stock.

Miller Industries Company Profile

Miller Industries, Inc is a leading designer, engineer and manufacturer of towing and recovery vehicles and related equipment. The company’s product portfolio includes light-, medium- and heavy-duty tow trucks, integrated carriers, rotators, wreckers, trailers and associated hydraulic and electronic components. These products are marketed under well-known brand names, including Miller, Century, Holmes, Vulcan, Chevron and Jige International, serving a broad spectrum of customers in the towing, recovery, roadside assistance and vehicle transport industries.

Headquartered in Ooltewah, Tennessee, Miller Industries was founded in the early 1990s and has grown into a global supplier of towing and recovery solutions.