Miller Industries (NYSE:MLR) Sets New 52-Week High on Better-Than-Expected Earnings

Miller Industries, Inc. (NYSE:MLR) hit a new 52-week high on Thursday following a stronger than expected earnings report. The stock traded as high as $56.21 and last traded at $54.8550, with a volume of 11729 shares. The stock had previously closed at $50.83.

The auto parts company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.36 by $0.27. The company had revenue of $239.99 million for the quarter, compared to the consensus estimate of $210.80 million. Miller Industries had a net margin of 2.08% and a return on equity of 3.70%.

Miller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 8th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 8th. Miller Industries’s payout ratio is presently 62.69%.

Analyst Upgrades and Downgrades

A number of research firms have commented on MLR. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research note on Wednesday, June 24th. DA Davidson upped their price target 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, Zacks Research raised shares of Miller Industries from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $50.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Miller Industries by 4.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company’s stock worth $281,000 after acquiring an additional 312 shares in the last quarter. 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 valued at $37,000 after purchasing an additional 329 shares during the period. SG Americas Securities LLC increased its stake in Miller Industries by 4.0% during the 4th quarter. SG Americas Securities LLC now owns 13,141 shares of the auto parts company’s stock worth $491,000 after purchasing an additional 504 shares in the last quarter. Osaic Holdings Inc. raised its holdings in Miller Industries by 7.5% during the 4th quarter. Osaic Holdings Inc. now owns 7,977 shares of the auto parts company’s stock worth $298,000 after buying an additional 556 shares during the period. Finally, IFP Advisors Inc lifted 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 buying an additional 604 shares in the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Price Performance

The company’s fifty day moving average price is $49.63 and its two-hundred day moving average price is $46.64. The company has a quick ratio of 1.78, a current ratio of 2.98 and a debt-to-equity ratio of 0.05. The company has a market cap of $641.19 million, a price-to-earnings ratio of 41.97 and a beta of 1.11.

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.