Miller Industries (NYSE:MLR) Stock Moved Down to Buy by Wall Street Zen

Wall Street Zen downgraded shares of Miller Industries (NYSE:MLR) from a strong-buy rating to a buy rating in a research note released on Saturday morning,Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a report on Monday, September 21st. DA Davidson increased their target price on Miller Industries from $56.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Zacks Research upgraded Miller Industries from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $54.00.

Miller Industries Trading Down 1.6%

Shares of MLR opened at $51.43 on Friday. The firm has a market cap of $583.83 million, a P/E ratio of 41.48 and a beta of 1.12. Miller Industries has a 12-month low of $35.72 and a 12-month high of $59.70. The company’s 50-day moving average price is $54.40 and its 200 day moving average price is $51.00.

Miller Industries (NYSE:MLR) last announced its quarterly earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.27. Miller Industries had a net margin of 1.86% and a return on equity of 3.41%. The business had revenue of $239.99 million during the quarter, compared to analysts’ expectations of $210.80 million. Equities research analysts forecast that Miller Industries will post 1.95 earnings per share for the current year.

Miller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 8th were paid a $0.21 dividend. The ex-dividend date was Tuesday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 1.6%. Miller Industries’s dividend payout ratio (DPR) is currently 67.74%.

Institutional Trading of Miller Industries

A number of institutional investors have recently bought and sold shares of the business. Wavvest Wealth LLC acquired a new position in shares of Miller Industries in the 3rd quarter valued at $679,000. Uncommon Cents Investing Inc boosted its position in shares of Miller Industries by 0.5% in the 3rd quarter. Uncommon Cents Investing Inc now owns 64,463 shares of the auto parts company’s stock valued at $3,391,000 after purchasing an additional 350 shares during the period. Ellsworth Advisors LLC purchased a new position in Miller Industries during the 3rd quarter worth approximately $978,000. Public Employees Retirement System of Ohio acquired a new position in Miller Industries during the second quarter worth approximately $351,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new position in Miller Industries during the second quarter worth approximately $1,187,000. 79.24% of the stock is owned by hedge funds and other institutional investors.

About Miller Industries

Miller Industries, Inc designs, manufactures and sells towing and recovery equipment. Its product portfolio includes light-, medium- and heavy-duty tow trucks, vehicle carriers, wreckers, rotators, underlift systems and related equipment used to recover, transport and service disabled vehicles.

The company markets products under brands including Century, Vulcan, Chevron, Holmes and Champion. It also provides replacement parts and related support for its equipment. Miller Industries sells through a network of distributors and dealers to towing operators, transportation companies, government agencies and other commercial customers.

Headquartered in Ooltewah, Tennessee, Miller Industries serves customers in North America and international markets.