Miller Industries (NYSE:MLR) Reaches New 52-Week High – Here’s Why

Miller Industries, Inc. (NYSE:MLR) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $57.85 and last traded at $57.38, with a volume of 4249 shares trading hands. The stock had previously closed at $56.75.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Zacks Research raised shares of Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. DA Davidson lifted their target price on shares of Miller Industries from $56.00 to $64.00 and gave the company a “buy” rating in a report on Monday, August 10th. Wall Street Zen raised Miller Industries from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $54.00.

Miller Industries Stock Down 0.6%

The firm has a fifty day moving average price of $51.74 and a two-hundred day moving average price of $48.09. The stock has a market capitalization of $645.47 million, a P/E ratio of 45.85 and a beta of 1.11.

Miller Industries (NYSE:MLR) last posted its quarterly earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.27. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%.The firm had revenue of $239.99 million during the quarter, compared to analysts’ expectations of $210.80 million. Sell-side analysts anticipate that Miller Industries, Inc. will post 1.95 earnings per share for the current fiscal year.

Miller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 8th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Tuesday, September 8th. Miller Industries’s dividend payout ratio is 67.74%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System increased its position in Miller Industries by 1,200.2% in the second quarter. California State Teachers Retirement System now owns 7,775 shares of the auto parts company’s stock worth $398,000 after buying an additional 7,177 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Miller Industries during the 2nd quarter valued at about $351,000. Front Street Capital Management Inc. bought a new position in shares of Miller Industries during the 2nd quarter valued at approximately $14,666,000. Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of Miller Industries during the 2nd quarter valued at approximately $1,187,000. Finally, Bank of New York Mellon Corp purchased a new stake in Miller Industries in the 2nd quarter worth approximately $5,985,000. Hedge funds and other institutional investors own 79.24% of the company’s stock.

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.