Miller Industries (NYSE:MLR) Posts Quarterly Earnings Results, Misses Estimates By $0.17 EPS

Key Points

• Miller Industries reported quarterly earnings of $0.05 per share, missing analysts’ expectations by $0.17. Revenue came in at $180.86 million, slightly below the $181.10 million consensus estimate.
• The company announced a quarterly dividend of $0.21 per share, payable on June 8 to shareholders of record on June 1. That works out to an annualized dividend of $0.84 and a yield of about 1.7%.
• Shares of MLR rose to $48.22 after the report, near the stock’s 12-month high of $49.89. Wall Street sentiment remains mixed, with a consensus rating of Hold and a target price of $48.50.

Miller Industries (NYSE:MLR - Get Free Report) announced its earnings results on Wednesday. The auto parts company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.17), FiscalAI reports. The business had revenue of $180.86 million for the quarter, compared to the consensus estimate of $181.10 million. Miller Industries had a net margin of 2.08% and a return on equity of 3.69%.

Miller Industries Stock Performance

Shares of MLR traded up $0.53 on Friday, reaching $48.22. 69,682 shares of the stock traded hands, compared to its average volume of 74,837. The firm has a market cap of $548.20 million, a price-to-earnings ratio of 35.98 and a beta of 1.13. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.22 and a quick ratio of 1.87. Miller Industries has a 12 month low of $33.81 and a 12 month high of $49.89. The stock's 50-day moving average price is $45.86 and its 200-day moving average price is $41.94.

Miller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 8th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, June 1st. Miller Industries's dividend payout ratio (DPR) is presently 42.42%.

Institutional Investors Weigh In On Miller Industries

A number of institutional investors have recently bought and sold shares of MLR. EverSource Wealth Advisors LLC raised its stake 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 valued at $37,000 after buying an additional 329 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of Miller Industries by 736.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company's stock valued at $46,000 after acquiring an additional 1,001 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Miller Industries in the second quarter valued at about $125,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Miller Industries in the third quarter worth about $159,000. Finally, Strs Ohio acquired a new position in Miller Industries in the first quarter worth about $182,000. Institutional investors and hedge funds own 79.24% of the company's stock.

Wall Street Analysts Forecast Growth

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

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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