Miller Industries (NYSE:MLR) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Miller Industries (NYSE:MLR) from a hold rating to a strong-buy rating in a research note published on Saturday.

Other equities research analysts have also recently issued reports about the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a research note on Wednesday, June 24th. Zacks Research upgraded shares of Miller Industries from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Finally, DA Davidson increased their price objective on shares of Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $50.00.

Miller Industries Stock Up 0.0%

NYSE:MLR opened at $54.42 on Friday. Miller Industries has a 52 week low of $35.72 and a 52 week high of $56.21. The firm has a 50 day moving average of $49.87 and a 200 day moving average of $46.79. The stock has a market capitalization of $620.35 million, a price-to-earnings ratio of 43.88 and a beta of 1.11.

Miller Industries (NYSE:MLR) last issued its quarterly earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.27. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%.The business had revenue of $239.99 million for the quarter, compared to the consensus estimate of $210.80 million. As a group, analysts expect that Miller Industries will post 1.9 EPS for the current year.

Miller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 8th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date is Tuesday, September 8th. Miller Industries’s payout ratio is presently 67.74%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MLR. Hotchkis & Wiley Capital Management LLC boosted its position in Miller Industries by 22.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company’s stock valued at $22,885,000 after buying an additional 101,973 shares during the last quarter. Systematic Financial Management LP raised its position in Miller Industries by 1.3% during the 1st quarter. Systematic Financial Management LP now owns 446,339 shares of the auto parts company’s stock worth $20,331,000 after buying an additional 5,743 shares during the last quarter. First Wilshire Securities Management Inc. lifted its stake in Miller Industries by 980.1% during the 4th quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company’s stock valued at $11,166,000 after acquiring an additional 271,136 shares during the period. Goldman Sachs Group Inc. lifted its stake in 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 acquiring an additional 112,925 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Miller Industries by 19.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 205,372 shares of the auto parts company’s stock valued at $7,675,000 after acquiring an additional 33,966 shares during the last quarter. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

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.