Miller Industries (NYSE:MLR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Miller Industries (NYSE:MLR) from a hold rating to a strong-buy rating in a report published on Saturday.

Several other equities analysts have also issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a research report on Wednesday, June 24th. Zacks Research raised Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Finally, DA Davidson increased their price target on shares of Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, May 11th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Miller Industries has a consensus rating of “Hold” and a consensus price target of $54.00.

Miller Industries Stock Down 2.2%

NYSE:MLR opened at $53.36 on Friday. Miller Industries has a 12-month low of $35.72 and a 12-month high of $56.27. The stock’s fifty day simple moving average is $49.99 and its 200-day simple moving average is $46.92. The firm has a market capitalization of $605.64 million, a P/E ratio of 43.03 and a beta of 1.11.

Miller Industries (NYSE:MLR) last released its quarterly earnings data on Wednesday, August 5th. The auto parts company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.27. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%.The business had revenue of $239.99 million during the quarter, compared to the consensus estimate of $210.80 million. As a group, equities research analysts expect that Miller Industries will post 1.9 earnings per share for the current year.

Miller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 8th will be given a $0.21 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.6%. Miller Industries’s dividend payout ratio is currently 67.74%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLR. IFP Advisors Inc grew its stake in Miller Industries by 200.0% in the fourth 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 during the period. EverSource Wealth Advisors LLC raised its position in shares of Miller Industries by 66.5% during the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock worth $37,000 after purchasing an additional 329 shares during the period. Russell Investments Group Ltd. raised its position in shares of 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 period. Raymond James Financial Inc. bought a new position in shares of Miller Industries during the 2nd quarter valued at about $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Miller Industries during the 3rd quarter valued at about $159,000. 79.24% of the stock is currently owned by institutional investors.

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.