Miller Industries (NYSE:MLR) Hits New 1-Year High - Still a Buy?

Key Points

• Miller Industries hit a new 52-week high of $49.00 (last at $48.3050) on volume ~45,528, with a market cap around $552M and a P/E of 24.46.
• The company reported an earnings beat (Q EPS $0.29 vs. $0.03 estimate) and revenue of $171.92M, and raised its quarterly dividend to $0.21 (annualized $0.84, ~1.7% yield).
• Analyst views are mixed: the consensus rating is "Hold" with a $48.50 target, while DA Davidson rates it a Buy at $53 and Zacks has cut it to a Strong Sell.

Miller Industries, Inc. (NYSE:MLR - Get Free Report)'s share price hit a new 52-week high on Friday . The company traded as high as $49.00 and last traded at $48.3050, with a volume of 45528 shares changing hands. The stock had previously closed at $48.38.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MLR shares. Loop Capital set a $44.00 target price on Miller Industries in a report on Monday, March 9th. Zacks Research cut Miller Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, March 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of Miller Industries in a report on Friday, March 27th. Finally, DA Davidson raised their price objective on Miller Industries from $52.00 to $53.00 and gave the company a "buy" rating in a research report on Monday, March 9th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $48.50.

Miller Industries Stock Up 0.4%

The firm has a 50-day simple moving average of $44.32 and a 200 day simple moving average of $40.95. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.22 and a quick ratio of 1.87. The company has a market capitalization of $552.07 million, a PE ratio of 24.46 and a beta of 1.13.

Miller Industries (NYSE:MLR - Get Free Report) last released its quarterly earnings data on Wednesday, March 4th. The auto parts company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.03 by $0.26. Miller Industries had a return on equity of 5.52% and a net margin of 2.92%.The company had revenue of $171.92 million for the quarter, compared to analyst estimates of $164.20 million. On average, research analysts predict that Miller Industries, Inc. will post 5.68 EPS for the current fiscal year.

Miller Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Monday, March 16th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, March 16th. This is a positive change from Miller Industries's previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.7%. Miller Industries's dividend payout ratio is presently 42.42%.

Institutional Trading of Miller Industries

Hedge funds and other institutional investors have recently modified their holdings of the business. State of Alaska Department of Revenue purchased a new stake in shares of Miller Industries during the third quarter worth about $25,000. CWM LLC increased its holdings in Miller Industries by 121.7% in the third quarter. CWM LLC now owns 849 shares of the auto parts company's stock valued at $34,000 after buying an additional 466 shares during the last quarter. IFP Advisors Inc increased its holdings in Miller Industries by 200.0% in the fourth quarter. IFP Advisors Inc now owns 906 shares of the auto parts company's stock valued at $34,000 after buying an additional 604 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Miller Industries by 66.5% in the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company's stock valued at $37,000 after buying an additional 329 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Miller Industries by 736.0% in the third quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company's stock valued at $46,000 after buying an additional 1,001 shares during the last quarter. 79.24% of the stock is owned by hedge funds and other 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.

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