Miller Industries (NYSE:MLR) Sees Large Volume Increase – Time to Buy?

Shares of Miller Industries, Inc. (NYSE:MLR) saw unusually-strong trading volume on Thursday . Approximately 106,291 shares changed hands during mid-day trading, an increase of 41% from the previous session’s volume of 75,504 shares.The stock last traded at $69.70 and had previously closed at $68.11.

Analysts Set New Price Targets

Several equities analysts have recently commented on MLR shares. DA Davidson reaffirmed a “buy” rating and set a $82.00 price target on shares of Miller Industries in a research report on Friday, November 15th. StockNews.com lowered Miller Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th.

Miller Industries Trading Down 3.6 %

The company has a quick ratio of 1.46, a current ratio of 2.12 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average is $68.89 and its two-hundred day moving average is $65.20. The stock has a market cap of $756.62 million, a price-to-earnings ratio of 10.97 and a beta of 0.98.

Miller Industries (NYSE:MLR) last announced its quarterly earnings results on Tuesday, November 12th. The auto parts company reported $1.33 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.33. The business had revenue of $314.27 million for the quarter. Miller Industries had a return on equity of 18.76% and a net margin of 5.23%. During the same quarter in the previous year, the company posted $1.52 earnings per share. Equities analysts anticipate that Miller Industries, Inc. will post 5.68 EPS for the current year.

Miller Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, December 2nd were given a dividend of $0.19 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.15%. Miller Industries’s dividend payout ratio is currently 12.60%.

Hedge Funds Weigh In On Miller Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC raised its stake in Miller Industries by 10.2% during the 3rd quarter. FMR LLC now owns 766,623 shares of the auto parts company’s stock valued at $46,764,000 after acquiring an additional 71,231 shares in the last quarter. Royce & Associates LP raised its stake in shares of Miller Industries by 12.9% during the third quarter. Royce & Associates LP now owns 496,528 shares of the auto parts company’s stock valued at $30,288,000 after purchasing an additional 56,578 shares in the last quarter. Systematic Financial Management LP lifted its holdings in Miller Industries by 2.0% in the third quarter. Systematic Financial Management LP now owns 395,159 shares of the auto parts company’s stock worth $24,105,000 after purchasing an additional 7,586 shares during the period. Hotchkis & Wiley Capital Management LLC grew its position in Miller Industries by 11.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 367,793 shares of the auto parts company’s stock valued at $22,435,000 after buying an additional 37,480 shares in the last quarter. Finally, State Street Corp increased its stake in Miller Industries by 4.3% during the 3rd quarter. State Street Corp now owns 230,828 shares of the auto parts company’s stock valued at $14,081,000 after buying an additional 9,482 shares during the period. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Company Profile

Miller Industries, Inc, together with its subsidiaries, manufactures and sells towing and recovery equipment. The company offers wreckers that are used to recover and tow disabled vehicles and other equipment; and car carriers, which are specialized flat-bed vehicles with hydraulic tilt mechanisms, which are used to transport new or disabled vehicles and other equipment.