Miller Industries (NYSE:MLR) Sees Strong Trading Volume – What’s Next?

Miller Industries, Inc. (NYSE:MLR) shares saw unusually-strong trading volume on Thursday . Approximately 78,422 shares changed hands during mid-day trading, an increase of 10% from the previous session’s volume of 71,177 shares.The stock last traded at $47.31 and had previously closed at $46.54.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MLR shares. DA Davidson increased their price objective on shares of Miller Industries from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a research note on Friday, March 27th. Zacks Research cut shares of Miller Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 10th. Finally, Loop Capital set a $44.00 target price on shares of Miller Industries in a research report on Monday, March 9th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $48.50.

Miller Industries Stock Up 2.0%

The firm has a market cap of $539.73 million, a price-to-earnings ratio of 23.92 and a beta of 1.13. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.87 and a current ratio of 3.22. The business’s 50-day moving average is $45.40 and its 200-day moving average is $41.72.

Miller Industries (NYSE:MLR) last announced its earnings results on Wednesday, March 4th. The auto parts company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.26. The business had revenue of $171.92 million during the quarter, compared to analysts’ expectations of $164.20 million. Miller Industries had a net margin of 2.92% and a return on equity of 5.52%. On average, equities analysts predict that Miller Industries, Inc. will post 2.09 EPS for the current year.

Miller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Shareholders of record on Monday, March 16th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, March 16th. This represents a $0.84 dividend on an annualized basis and a yield of 1.8%. This is an increase from Miller Industries’s previous quarterly dividend of $0.20. Miller Industries’s payout ratio is currently 42.42%.

Institutional Investors Weigh In On Miller Industries

Hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue bought a new stake in Miller Industries during the 3rd quarter worth about $25,000. CWM LLC grew its holdings in Miller Industries by 121.7% during the 3rd quarter. CWM LLC now owns 849 shares of the auto parts company’s stock worth $34,000 after acquiring an additional 466 shares during the last quarter. IFP Advisors Inc grew its holdings in Miller Industries by 200.0% during the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock worth $34,000 after acquiring an additional 604 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Miller Industries by 66.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock worth $37,000 after acquiring an additional 329 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Miller Industries by 736.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock worth $46,000 after acquiring an additional 1,001 shares during the last quarter. 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.