Miller Industries (NYSE:MLR) Shares Gap Down – Here’s Why

Miller Industries, Inc. (NYSE:MLR) shares gapped down before the market opened on Monday . The stock had previously closed at $50.93, but opened at $49.17. Miller Industries shares last traded at $49.2820, with a volume of 2,248 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MLR shares. DA Davidson boosted 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a report on Wednesday, June 24th. Zacks Research cut Miller Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Finally, Loop Capital set a $44.00 price target on Miller Industries in a report on Monday, March 9th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $50.00.

Miller Industries Trading Down 0.1%

The company has a quick ratio of 1.78, a current ratio of 2.98 and a debt-to-equity ratio of 0.05. The firm’s fifty day moving average is $48.46 and its two-hundred day moving average is $44.79. The firm has a market cap of $558.32 million, a P/E ratio of 36.55 and a beta of 1.10.

Miller Industries (NYSE:MLR) last issued its quarterly earnings data on Wednesday, May 6th. The auto parts company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.17). Miller Industries had a return on equity of 3.70% and a net margin of 2.08%.The company had revenue of $180.86 million during the quarter, compared to the consensus estimate of $181.10 million. Analysts predict that Miller Industries, Inc. will post 1.9 earnings per share for the current fiscal year.

Miller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Monday, June 1st were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Monday, June 1st. Miller Industries’s dividend payout ratio is presently 62.69%.

Institutional Trading of Miller Industries

Several large investors have recently bought and sold shares of MLR. IFP Advisors Inc raised its position in shares of Miller Industries by 200.0% in the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock worth $34,000 after acquiring an additional 604 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of 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 buying an additional 329 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Miller Industries by 736.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock worth $46,000 after acquiring an additional 1,001 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Miller Industries in the 2nd quarter worth about $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Miller Industries during the 3rd quarter valued at about $159,000. 79.24% of the stock is 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.