Miller Industries, Inc. (NYSE:MLR) to Issue Quarterly Dividend of $0.19

Miller Industries, Inc. (NYSE:MLR) announced a quarterly dividend on Tuesday, November 12th,Wall Street Journal reports. Shareholders of record on Monday, December 2nd will be given a dividend of 0.19 per share by the auto parts company on Monday, December 9th. This represents a $0.76 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Monday, December 2nd.

Miller Industries has a payout ratio of 12.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Miller Industries to earn $5.90 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 12.9%.

Miller Industries Trading Down 10.4 %

Shares of Miller Industries stock opened at $68.64 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.44 and a current ratio of 2.08. Miller Industries has a 52 week low of $38.33 and a 52 week high of $78.25. The stock has a 50 day moving average price of $63.43 and a two-hundred day moving average price of $60.39. The stock has a market capitalization of $785.93 million, a PE ratio of 11.38 and a beta of 0.94.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. StockNews.com downgraded shares of Miller Industries from a “buy” rating to a “hold” rating in a report on Wednesday. DA Davidson initiated coverage on shares of Miller Industries in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $82.00 price target on the stock.

About Miller Industries

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.