Miller Industries (NYSE:MLR) Sees Strong Trading Volume - What's Next?

Key Points

• Trading surge: Shares saw a 10% increase in mid-day volume to 78,422 and were trading up about 2% at $47.31, with a market cap near $540 million.
• Analyst view mixed: The consensus rating is "Hold" with an average price target of $48.50, while individual firms range from a "Buy" ($53 target) to a "Strong Sell."
• Solid quarter and shareholder actions: Miller beat quarterly EPS and revenue estimates, raised its quarterly dividend to $0.21 (1.8% yield), and several institutional investors materially increased their stakes.

Shares of Miller Industries, Inc. (NYSE:MLR - Get Free Report) saw an uptick in trading volume on Thursday . 78,422 shares were traded during mid-day trading, an increase of 10% from the previous session's volume of 71,177 shares.The stock last traded at $47.31 and had previously closed at $46.54.

Analysts Set New Price Targets

Several research firms have commented on MLR. Loop Capital set a $44.00 target price on shares of Miller Industries in a research report on Monday, March 9th. Weiss Ratings restated a "hold (c)" rating on shares of Miller Industries in a report on Friday, March 27th. Zacks Research lowered Miller Industries from a "hold" rating to a "strong sell" rating in a report on Tuesday, March 10th. Finally, DA Davidson boosted their price objective on shares of Miller Industries from $52.00 to $53.00 and gave the stock a "buy" rating in a research note 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $48.50.

Miller Industries Trading Up 2.0%

The stock has a market capitalization of $539.73 million, a price-to-earnings ratio of 23.92 and a beta of 1.13. The company's 50 day moving average is $45.40 and its 200 day moving average is $41.72. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.87 and a current ratio of 3.22.

Miller Industries (NYSE:MLR - Get Free Report) last released 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 firm had revenue of $171.92 million during the quarter, compared to analysts' expectations of $164.20 million. Miller Industries had a net margin of 2.92% and a return on equity of 5.52%. On average, research analysts forecast that Miller Industries, Inc. will post 2.09 EPS for the current fiscal year.

Miller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 23rd. Investors of record on Monday, March 16th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, March 16th. This is an increase from Miller Industries's previous quarterly dividend of $0.20. Miller Industries's dividend payout ratio is currently 42.42%.

Hedge Funds Weigh In On Miller Industries

Large investors have recently bought and sold shares of the stock. Isthmus Partners LLC raised its stake in shares of Miller Industries by 15.0% in the 1st quarter. Isthmus Partners LLC now owns 72,516 shares of the auto parts company's stock valued at $3,303,000 after buying an additional 9,456 shares in the last quarter. Deprince Race & Zollo Inc. acquired a new position in shares of Miller Industries in the 1st quarter valued at $2,648,000. North Star Investment Management Corp. raised its stake in shares of Miller Industries by 73.2% in the 1st quarter. North Star Investment Management Corp. now owns 61,506 shares of the auto parts company's stock valued at $2,802,000 after buying an additional 26,000 shares in the last quarter. Azarias Capital Management L.P. raised its stake in shares of Miller Industries by 175.7% in the 1st quarter. Azarias Capital Management L.P. now owns 110,426 shares of the auto parts company's stock valued at $5,030,000 after buying an additional 70,379 shares in the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Miller Industries by 37.8% in the 4th quarter. Empowered Funds LLC now owns 38,370 shares of the auto parts company's stock valued at $1,434,000 after buying an additional 10,529 shares in the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

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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