Miller Industries (NYSE:MLR) Sets New 12-Month High Following Earnings Beat

Key Points

• Miller Industries beat quarterly expectations, reporting earnings per share of $0.63 versus the $0.36 consensus estimate and revenue of $239.99 million versus $210.80 million expected.
• The stock rose 10.7% to reach a new 52-week high of $56.21 following the earnings report. Analysts maintain an average “Hold” rating with a $50.00 average price target.
• The company declared a quarterly dividend of $0.21, equivalent to $0.84 annually and a 1.5% yield; institutional investors own 79.24% of outstanding shares.

Miller Industries, Inc. (NYSE:MLR - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $56.21 and last traded at $54.8550, with a volume of 11729 shares changing hands. The stock had previously closed at $50.83.

The auto parts company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.27. The company had revenue of $239.99 million during the quarter, compared to the consensus estimate of $210.80 million. Miller Industries had a net margin of 2.08% and a return on equity of 3.70%.

Miller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 8th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. Miller Industries's dividend payout ratio is 62.69%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MLR shares. Zacks Research upgraded Miller Industries from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. DA Davidson increased their price objective on Miller Industries from $53.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Miller Industries in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $50.00.

Institutional Trading of Miller Industries

Hedge funds have recently bought and sold shares of the stock. Tudor Investment Corp ET AL acquired a new stake in Miller Industries during the third quarter worth $1,598,000. Azarias Capital Management L.P. acquired a new stake in shares of Miller Industries during the 4th quarter valued at about $1,497,000. Heartland Advisors Inc. bought a new stake in Miller Industries in the first quarter valued at about $5,466,000. Punch & Associates Investment Management Inc. raised its position in Miller Industries by 36.1% in the first quarter. Punch & Associates Investment Management Inc. now owns 110,477 shares of the auto parts company's stock worth $5,032,000 after purchasing an additional 29,291 shares in the last quarter. Finally, First Wilshire Securities Management Inc. lifted its stake in Miller Industries by 980.1% during the fourth quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company's stock worth $11,166,000 after purchasing an additional 271,136 shares during the period. 79.24% of the stock is owned by institutional investors.

Miller Industries Stock Up 10.7%

The company has a market capitalization of $641.19 million, a price-to-earnings ratio of 41.97 and a beta of 1.11. The business has a fifty day simple moving average of $49.63 and a two-hundred day simple moving average of $46.64. The company has a quick ratio of 1.78, a current ratio of 2.98 and a debt-to-equity ratio of 0.05.

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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