Miller Industries (NYSE:MLR) Announces Earnings Results, Beats Expectations By $0.27 EPS

Key Points

• Miller Industries exceeded quarterly expectations, reporting earnings per share of $0.63 versus the $0.36 consensus estimate. Revenue reached $239.99 million, ahead of analyst projections of $210.80 million.
• The stock fell 0.5% to $50.56 despite the earnings beat, with shares trading near their 52-week high of $52.93. The company reported a 2.08% net margin and 3.70% return on equity.
• Institutional investors and hedge funds own 79.24% of the company, with several major investors increasing their positions. Analysts maintain a consensus “Hold” rating and a $50 price target, although DA Davidson raised its target to $56 and kept a “Buy” rating.

Miller Industries (NYSE:MLR - Get Free Report) released its quarterly earnings data on Wednesday. The auto parts company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.36 by $0.27, FiscalAI reports. Miller Industries had a net margin of 2.08% and a return on equity of 3.70%. The business had revenue of $239.99 million during the quarter, compared to analyst estimates of $210.80 million.

Miller Industries Stock Down 0.5%

Miller Industries stock traded down $0.26 during trading hours on Wednesday, reaching $50.56. The stock had a trading volume of 92,644 shares, compared to its average volume of 67,426. The business's 50 day moving average price is $49.63 and its 200-day moving average price is $46.64. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.78. Miller Industries has a 52 week low of $33.81 and a 52 week high of $52.93. The company has a market cap of $576.37 million, a price-to-earnings ratio of 37.73 and a beta of 1.11.

Hedge Funds Weigh In On Miller Industries

A number of large investors have recently made changes to their positions in the business. Millennium Management LLC raised its position in shares of Miller Industries by 855.1% in the 1st quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company's stock valued at $6,649,000 after purchasing an additional 140,500 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Miller Industries by 64.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company's stock worth $12,160,000 after purchasing an additional 112,925 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Miller Industries by 22.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company's stock valued at $22,885,000 after purchasing an additional 101,973 shares in the last quarter. UBS Group AG increased its stake in Miller Industries by 88.6% during the 3rd quarter. UBS Group AG now owns 89,874 shares of the auto parts company's stock valued at $3,633,000 after purchasing an additional 42,214 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Miller Industries by 19.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 205,372 shares of the auto parts company's stock valued at $7,675,000 after buying an additional 33,966 shares during the last quarter. 79.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MLR. Weiss Ratings reissued a "hold (c)" rating on shares of Miller Industries in a research note on Wednesday, June 24th. Zacks Research raised shares of Miller Industries from a "strong sell" rating to a "hold" rating in a research report on Friday, July 10th. Finally, DA Davidson raised their price target on shares of Miller Industries from $53.00 to $56.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $50.00.

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.

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