Miller Industries (NYSE:MLR) Shares Gap Down - Time to Sell?

Key Points

• Shares gapped down: Miller Industries opened at $46.55 after closing at $48.38 and was last trading around $46.49, reflecting a notable pre-market decline.
• Analyst mix but consensus Hold: One analyst rates the stock a Buy, one Hold and one Sell, producing a MarketBeat consensus of "Hold" with an average target price of $48.50.
• Recent beat and dividend increase: The company reported $0.29 EPS versus $0.03 expected and $171.9M revenue versus $164.2M expected, and raised its quarterly dividend to $0.21 (annualized $0.84, ~1.8% yield).

Miller Industries, Inc. (NYSE:MLR - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $48.38, but opened at $46.55. Miller Industries shares last traded at $46.4920, with a volume of 1,004 shares changing hands.

Wall Street Analyst Weigh In

MLR has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Miller Industries in a research report on Friday, March 27th. DA Davidson increased their price objective on shares of Miller Industries from $52.00 to $53.00 and gave the company a "buy" rating in a research report on Monday, March 9th. Loop Capital set a $44.00 price objective on shares of Miller Industries in a research report on Monday, March 9th. Finally, Zacks Research lowered shares of Miller Industries from a "hold" rating to a "strong sell" rating in a research report on Tuesday, March 10th. One 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $48.50.

Miller Industries Trading Down 1.2%

The company's fifty day moving average is $44.77 and its two-hundred day moving average is $41.21. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.87 and a current ratio of 3.22. The company has a market cap of $526.43 million, a price-to-earnings ratio of 23.38 and a beta of 1.13.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The auto parts company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.26. Miller Industries had a net margin of 2.92% and a return on equity of 5.52%. The company had revenue of $171.92 million for the quarter, compared to the consensus estimate of $164.20 million. On average, research analysts anticipate that Miller Industries, Inc. will post 5.68 EPS for the current year.

Miller Industries Increases Dividend

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

Institutional Investors Weigh In On Miller Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in MLR. State of Alaska Department of Revenue acquired a new stake in shares of Miller Industries during the 3rd quarter worth approximately $25,000. CWM LLC grew its stake in shares of Miller Industries by 121.7% during the 3rd quarter. CWM LLC now owns 849 shares of the auto parts company's stock worth $34,000 after purchasing an additional 466 shares during the period. IFP Advisors Inc grew its stake in shares of Miller Industries by 200.0% during the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company's stock worth $34,000 after purchasing an additional 604 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Miller Industries by 66.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company's stock worth $37,000 after purchasing an additional 329 shares during the period. Finally, Russell Investments Group Ltd. grew its stake 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 worth $46,000 after purchasing an additional 1,001 shares during the period. Institutional investors and hedge funds own 79.24% of the company's stock.

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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