Miller Industries (NYSE:MLR) Issues Quarterly Earnings Results

Miller Industries (NYSE:MLR) posted its earnings results on Wednesday. The auto parts company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.26, FiscalAI reports. Miller Industries had a net margin of 3.59% and a return on equity of 7.32%. The firm had revenue of $171.17 million during the quarter, compared to the consensus estimate of $164.20 million.

Miller Industries Trading Up 3.5%

MLR stock traded up $1.51 during midday trading on Wednesday, hitting $44.80. The stock had a trading volume of 74,374 shares, compared to its average volume of 50,437. The firm has a market cap of $512.06 million, a PE ratio of 17.23 and a beta of 1.25. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.46 and a quick ratio of 2.13. Miller Industries has a 12-month low of $33.81 and a 12-month high of $56.56. The company’s 50-day moving average price is $41.21 and its 200 day moving average price is $40.26.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on MLR shares. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research note on Monday, December 29th. Loop Capital set a $46.00 target price on Miller Industries in a report on Monday, November 10th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Miller Industries presently has an average rating of “Hold” and a consensus target price of $55.00.

Institutional Investors Weigh In On Miller Industries

Several hedge funds have recently made changes to their positions in MLR. Martingale Asset Management L P acquired a new position in shares of Miller Industries during the 4th quarter valued at about $293,000. Public Employees Retirement System of Ohio boosted its position in shares of Miller Industries by 320.9% in the third quarter. Public Employees Retirement System of Ohio now owns 7,193 shares of the auto parts company’s stock worth $291,000 after acquiring an additional 5,484 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Miller Industries by 4.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company’s stock valued at $281,000 after purchasing an additional 312 shares during the period. Price T Rowe Associates Inc. MD increased its position in Miller Industries by 13.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,637 shares of the auto parts company’s stock worth $249,000 after purchasing an additional 768 shares during the last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in Miller Industries during the second quarter worth approximately $245,000. Institutional investors and hedge funds 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.