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

Miller Industries, Inc. (NYSE:MLR) hit a new 52-week high on Thursday . The stock traded as high as $49.90 and last traded at $49.8570, with a volume of 31436 shares traded. The stock had previously closed at $48.67.

Analyst Ratings Changes

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

Miller Industries Price Performance

The business has a fifty day moving average of $47.71 and a 200 day moving average of $43.74. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.78. The stock has a market cap of $570.83 million, a PE ratio of 37.38 and a beta of 1.11.

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

Miller Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Monday, June 1st were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.7%. Miller Industries’s dividend payout ratio (DPR) is presently 62.69%.

Institutional Trading of Miller Industries

Several institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its position in shares of Miller Industries by 66.5% in 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. IFP Advisors Inc raised its position in shares of Miller Industries by 200.0% during the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock valued at $34,000 after acquiring an additional 604 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Miller Industries by 736.0% during the third quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock worth $46,000 after purchasing an additional 1,001 shares during the last quarter. Raymond James Financial Inc. bought a new position in Miller Industries during the second quarter worth $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Miller Industries in the third quarter worth $159,000. 79.24% of the stock is owned by institutional investors and hedge funds.

About Miller Industries

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.