Miller Industries (NYSE:MLR) Sets New 52-Week High – Here’s Why

Miller Industries, Inc. (NYSE:MLR)’s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $49.00 and last traded at $48.3050, with a volume of 45528 shares. The stock had previously closed at $48.38.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research note on Friday, March 27th. Loop Capital set a $44.00 price objective on shares of Miller Industries in a research note on Monday, March 9th. Zacks Research lowered shares of Miller Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 10th. Finally, DA Davidson boosted their price objective on shares of Miller Industries from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Monday, March 9th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Miller Industries has an average rating of “Hold” and an average price target of $48.50.

Miller Industries Trading Up 1.0%

The firm has a 50 day simple moving average of $44.48 and a 200 day simple moving average of $41.03. The company has a current ratio of 3.22, a quick ratio of 1.87 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $555.44 million, a PE ratio of 24.67 and a beta of 1.13.

Miller Industries (NYSE:MLR) last posted its quarterly earnings results on Wednesday, March 4th. The auto parts company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.26. Miller Industries had a return on equity of 5.52% and a net margin of 2.92%.The firm had revenue of $171.92 million during the quarter, compared to analysts’ expectations of $164.20 million. Equities analysts expect that Miller Industries, Inc. will post 5.68 earnings per share for the current fiscal year.

Miller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Monday, March 16th were paid a $0.21 dividend. This is an increase from Miller Industries’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Monday, March 16th. Miller Industries’s dividend payout ratio (DPR) is presently 42.42%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Miller Industries by 4.9% in 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 purchasing an additional 312 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings 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 valued at $37,000 after purchasing an additional 329 shares during the last quarter. CWM LLC raised its holdings in shares of Miller Industries by 121.7% during the third quarter. CWM LLC now owns 849 shares of the auto parts company’s stock valued at $34,000 after purchasing an additional 466 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Miller Industries by 4.0% during the fourth quarter. SG Americas Securities LLC now owns 13,141 shares of the auto parts company’s stock valued at $491,000 after purchasing an additional 504 shares during the last quarter. Finally, Osaic Holdings Inc. raised its holdings in shares of Miller Industries by 7.5% during the fourth quarter. Osaic Holdings Inc. now owns 7,977 shares of the auto parts company’s stock valued at $298,000 after purchasing an additional 556 shares during the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.

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.