Miller Industries, Inc. (NYSE:MLR) to Issue Dividend Increase – $0.21 Per Share

Miller Industries, Inc. (NYSE:MLR) announced a quarterly dividend on Wednesday, March 4th. Stockholders of record on Monday, March 16th will be given a dividend of 0.21 per share by the auto parts company on Monday, March 23rd. This represents a c) annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, March 16th. This is a 5.0% increase from Miller Industries’s previous quarterly dividend of $0.20.

Miller Industries has raised its dividend by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 2 years. Miller Industries has a dividend payout ratio of 16.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Miller Industries to earn $5.94 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 13.5%.

Miller Industries Price Performance

Shares of MLR opened at $44.80 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.46 and a quick ratio of 2.13. The company’s fifty day moving average price is $41.34 and its 200-day moving average price is $40.29. Miller Industries has a 1-year low of $33.81 and a 1-year high of $56.56. The firm has a market capitalization of $512.06 million, a PE ratio of 17.23 and a beta of 1.25.

Miller Industries (NYSE:MLR) last issued its quarterly earnings results on Wednesday, March 4th. The auto parts company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.26. The company had revenue of $171.92 million during the quarter, compared to analysts’ expectations of $164.20 million. Miller Industries had a return on equity of 7.32% and a net margin of 3.59%. On average, equities research analysts predict that Miller Industries will post 5.68 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on MLR shares. Loop Capital set a $46.00 target price on Miller Industries in a research report on Monday, November 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miller Industries in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Miller Industries currently has a consensus rating of “Hold” and a consensus price target of $55.00.

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.