Miller Industries (NYSE:MLR) Sets New 52-Week High - Here's What Happened

Key Points

• Miller Industries shares reached a new 52-week high of $56.60, up from a prior close of $54.59, with the stock last trading near $56.30.
• The company exceeded quarterly expectations, reporting $0.63 in EPS versus the $0.36 consensus and revenue of $239.99 million versus estimates of $210.80 million.
• Analyst sentiment remains mixed: DA Davidson raised its price target to $64 and issued a Buy rating, while the overall consensus remains Hold with a $54 target price. Miller Industries also declared a quarterly dividend of $0.21, representing a 1.5% yield.

Shares of Miller Industries, Inc. (NYSE:MLR - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $56.60 and last traded at $56.30, with a volume of 157810 shares trading hands. The stock had previously closed at $54.59.

Analyst Ratings Changes

A number of equities analysts have commented on MLR shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Miller Industries in a report on Wednesday, June 24th. Zacks Research raised Miller Industries from a "strong sell" rating to a "hold" rating in a research report on Friday, July 10th. DA Davidson boosted their price target on Miller Industries from $56.00 to $64.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Wall Street Zen raised Miller Industries from a "hold" rating to a "strong-buy" rating in a report on Saturday. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Miller Industries currently has a consensus rating of "Hold" and a consensus target price of $54.00.

Miller Industries Stock Performance

The company's fifty day moving average price is $50.11 and its 200 day moving average price is $47.02. The firm has a market capitalization of $639.12 million, a price-to-earnings ratio of 45.40 and a beta of 1.11.

Miller Industries (NYSE:MLR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.27. Miller Industries had a net margin of 1.86% and a return on equity of 3.41%. The company had revenue of $239.99 million during the quarter, compared to the consensus estimate of $210.80 million. As a group, sell-side analysts expect that Miller Industries, Inc. will post 1.9 earnings per share for the current year.

Miller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 8th will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date is Tuesday, September 8th. Miller Industries's dividend payout ratio (DPR) is currently 67.74%.

Hedge Funds Weigh In On Miller Industries

Several large investors have recently bought and sold shares of MLR. IFP Advisors Inc raised its holdings in Miller Industries by 200.0% during the fourth quarter. IFP Advisors Inc now owns 906 shares of the auto parts company's stock worth $34,000 after purchasing an additional 604 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Miller Industries by 66.5% during the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company's stock worth $37,000 after buying an additional 329 shares in the last quarter. Russell Investments Group Ltd. grew its position 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 worth $46,000 after buying an additional 1,001 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Miller Industries in the second quarter worth approximately $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Miller Industries in the third quarter valued at $159,000. Institutional investors and hedge funds own 79.24% of the company's stock.

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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