Miller Industries (NYSE:MLR) Trading Up 7.3% After Better-Than-Expected Earnings

Miller Industries, Inc. (NYSE:MLR) rose 7.3% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $48.94 and last traded at $48.26. Approximately 57,409 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 50,633 shares. The stock had previously closed at $44.98.

The auto parts company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.26. Miller Industries had a net margin of 3.59% and a return on equity of 7.32%. The firm had revenue of $171.92 million for the quarter, compared to analysts’ expectations of $164.20 million.

Miller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Monday, March 16th will be paid a dividend of $0.21 per share. This is an increase from Miller Industries’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Monday, March 16th. Miller Industries’s dividend payout ratio (DPR) is presently 30.77%.

Analysts Set New Price Targets

MLR has been the topic of several research analyst reports. Loop Capital set a $46.00 target price on shares of Miller Industries in a research note on Monday, November 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $55.00.

Institutional Trading of Miller Industries

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Pacific Ridge Capital Partners LLC boosted its holdings in shares of Miller Industries by 24.3% in the third quarter. Pacific Ridge Capital Partners LLC now owns 121,261 shares of the auto parts company’s stock worth $4,901,000 after buying an additional 23,683 shares during the period. CW Advisors LLC raised its holdings in shares of Miller Industries by 228.0% during the second quarter. CW Advisors LLC now owns 23,125 shares of the auto parts company’s stock valued at $1,028,000 after acquiring an additional 16,075 shares during the period. RBF Capital LLC purchased a new stake in shares of Miller Industries in the 2nd quarter valued at approximately $1,272,000. Semanteon Capital Management LP acquired a new position in Miller Industries in the 2nd quarter worth approximately $330,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Miller Industries during the 3rd quarter worth approximately $810,000. Institutional investors and hedge funds own 79.24% of the company’s stock.

Miller Industries Stock Performance

The firm’s 50 day simple moving average is $41.34 and its 200-day simple moving average is $40.29. The company has a market capitalization of $552.30 million, a price-to-earnings ratio of 18.58 and a beta of 1.25. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.13 and a current ratio of 3.46.

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.