Miller Industries (NYSE:MLR) Hits New 12-Month High - Should You Buy?

Key Points

• 52-week high: Miller Industries hit a new 52-week high of $49.70 and was trading up about 4.3% (last ~ $49.63) on the day.
• Earnings beat and dividend raise: The company reported $0.29 EPS versus a $0.03 consensus and revenue of $171.9M, and raised its quarterly dividend to $0.21 (annualized $0.84, yield ~1.7%).
• Analyst and valuation split: Analysts are mixed (1 Buy, 1 Hold, 1 Sell) with a consensus "Hold" and an average price target of $48.50—below current levels—while market cap is about $564M and the PE is ~25.

Miller Industries, Inc. (NYSE:MLR - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $49.70 and last traded at $49.6310, with a volume of 37040 shares traded. The stock had previously closed at $47.60.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Zacks Research lowered Miller Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, March 10th. DA Davidson increased their target price on Miller Industries from $52.00 to $53.00 and gave the stock a "buy" rating in a research report on Monday, March 9th. Weiss Ratings reissued a "hold (c)" rating on shares of Miller Industries in a research report on Friday, March 27th. Finally, Loop Capital set a $44.00 target price on Miller Industries 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 presently has a consensus rating of "Hold" and an average price target of $48.50.

Miller Industries Trading Up 4.3%

The firm has a 50 day simple moving average of $45.50 and a 200 day simple moving average of $41.77. The company has a current ratio of 3.22, a quick ratio of 1.87 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $564.30 million, a PE ratio of 25.07 and a beta of 1.13.

Miller Industries (NYSE:MLR - Get Free Report) last issued its earnings results 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. The business had revenue of $171.92 million for the quarter, compared to the consensus estimate of $164.20 million. Miller Industries had a return on equity of 5.52% and a net margin of 2.92%. Equities analysts expect that Miller Industries, Inc. will post 2.09 earnings per share for the current fiscal year.

Miller Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Monday, March 16th were paid a $0.21 dividend. This is an increase from Miller Industries's previous quarterly dividend of $0.20. The ex-dividend date was Monday, March 16th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.7%. Miller Industries's dividend payout ratio (DPR) is 42.42%.

Hedge Funds Weigh In On Miller Industries

A number of institutional investors and hedge funds have recently modified their holdings of MLR. Bank of New York Mellon Corp boosted its stake in shares of Miller Industries by 3.9% during the 1st quarter. Bank of New York Mellon Corp now owns 116,123 shares of the auto parts company's stock worth $5,289,000 after acquiring an additional 4,305 shares during the last quarter. Diversified Investment Strategies LLC boosted its stake in shares of Miller Industries by 0.9% during the 1st quarter. Diversified Investment Strategies LLC now owns 106,920 shares of the auto parts company's stock worth $4,870,000 after acquiring an additional 950 shares during the last quarter. Hsbc Holdings PLC purchased a new position in shares of Miller Industries during the 1st quarter worth $279,000. Isthmus Partners LLC boosted its stake in shares of Miller Industries by 15.0% during the 1st quarter. Isthmus Partners LLC now owns 72,516 shares of the auto parts company's stock worth $3,303,000 after acquiring an additional 9,456 shares during the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new position in shares of Miller Industries during the 1st quarter worth $2,648,000. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

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.

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