Miller Industries (NYSE:MLR) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Miller Industries, Inc. (NYSE:MLR)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $40.46 and traded as high as $40.71. Miller Industries shares last traded at $40.42, with a volume of 54,605 shares changing hands.

Analyst Ratings Changes

MLR has been the topic of a number of recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research report on Monday, December 29th. Zacks Research upgraded shares of Miller Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 7th. Finally, Loop Capital set a $46.00 price objective on shares of Miller Industries in a research report on Monday, November 10th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Miller Industries presently has an average rating of “Hold” and an average target price of $55.00.

Miller Industries Trading Up 1.6%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.13 and a current ratio of 3.46. The business’s 50 day moving average price is $38.22 and its 200-day moving average price is $40.39. The firm has a market cap of $468.62 million, a price-to-earnings ratio of 15.77 and a beta of 1.24.

Miller Industries (NYSE:MLR) last posted its quarterly earnings results on Wednesday, November 5th. The auto parts company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.25. Miller Industries had a return on equity of 7.32% and a net margin of 3.59%.The business had revenue of $178.67 million during the quarter, compared to the consensus estimate of $177.55 million. Equities analysts expect that Miller Industries, Inc. will post 5.68 EPS for the current year.

Miller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 9th. Shareholders of record on Tuesday, December 2nd were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Tuesday, December 2nd. Miller Industries’s dividend payout ratio is 30.77%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE raised its holdings in shares of Miller Industries by 1.9% during the second quarter. US Bancorp DE now owns 12,705 shares of the auto parts company’s stock valued at $565,000 after buying an additional 237 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Miller Industries by 4.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company’s stock worth $281,000 after acquiring an additional 312 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Miller Industries by 66.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock worth $37,000 after purchasing an additional 329 shares in the last quarter. SummerHaven Investment Management LLC increased its stake in Miller Industries by 2.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 14,539 shares of the auto parts company’s stock worth $646,000 after purchasing an additional 349 shares in the last quarter. Finally, CWM LLC raised 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 buying an additional 466 shares during the period. 79.24% of the stock is currently owned by 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.