Miller Industries (NYSE:MLR) Given New $64.00 Price Target at DA Davidson

Miller Industries (NYSE:MLR) had its target price decreased by DA Davidson from $66.00 to $64.00 in a report released on Thursday morning,Benzinga reports. DA Davidson currently has a buy rating on the auto parts company’s stock.

Miller Industries Trading Up 2.0%

Shares of Miller Industries stock opened at $44.59 on Thursday. Miller Industries has a fifty-two week low of $37.40 and a fifty-two week high of $78.25. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.16 and a current ratio of 3.23. The company has a market capitalization of $510.94 million, a P/E ratio of 9.47 and a beta of 1.24. The company has a fifty day moving average of $44.03 and a 200 day moving average of $53.05.

Miller Industries (NYSE:MLR) last announced its quarterly earnings data on Wednesday, May 7th. The auto parts company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.60 by $0.09. The business had revenue of $225.65 million for the quarter, compared to the consensus estimate of $224.35 million. Miller Industries had a return on equity of 13.78% and a net margin of 4.81%. On average, sell-side analysts anticipate that Miller Industries will post 5.68 earnings per share for the current fiscal year.

Miller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Monday, June 2nd were paid a $0.20 dividend. The ex-dividend date was Monday, June 2nd. This represents a $0.80 annualized dividend and a yield of 1.79%. Miller Industries’s payout ratio is 16.99%.

Institutional Investors Weigh In On Miller Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royce & Associates LP boosted its position in shares of Miller Industries by 29.8% during the fourth quarter. Royce & Associates LP now owns 644,607 shares of the auto parts company’s stock worth $42,132,000 after acquiring an additional 148,079 shares during the last quarter. Portolan Capital Management LLC purchased a new stake in Miller Industries in the 4th quarter worth $9,366,000. Millennium Management LLC boosted its holdings in shares of Miller Industries by 855.1% during the 1st quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company’s stock valued at $6,649,000 after purchasing an additional 140,500 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Miller Industries by 64.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock valued at $12,160,000 after purchasing an additional 112,925 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its position in shares of Miller Industries by 24.9% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 443,468 shares of the auto parts company’s stock valued at $18,790,000 after purchasing an additional 88,365 shares in the last quarter. Institutional investors own 79.24% of the company’s stock.

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.