Miller Industries (NYSE:MLR) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Miller Industries passed above its 200-day moving average, trading as high as $48.21 and last at $47.52 versus a 200-day MA of $41.56.
• Analysts are mixed—one Buy, one Hold and one Sell—resulting in a MarketBeat consensus of "Hold" with an average price target of $48.50, near the current share price.
• The company beat quarterly forecasts (EPS $0.29 vs. $0.03; revenue $171.9M vs. $164.2M) and raised its quarterly dividend to $0.21 (annualized $0.84, yield 1.8%).

Miller Industries, Inc. (NYSE:MLR - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $41.56 and traded as high as $48.21. Miller Industries shares last traded at $47.5220, with a volume of 55,358 shares traded.

Wall Street Analysts Forecast Growth

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

Miller Industries Price Performance

The stock has a market capitalization of $540.33 million, a price-to-earnings ratio of 24.00 and a beta of 1.13. The company has a quick ratio of 1.87, a current ratio of 3.22 and a debt-to-equity ratio of 0.07. The company's 50-day simple moving average is $45.20 and its 200 day simple moving average is $41.56.

Miller Industries (NYSE:MLR - Get Free Report) last announced its earnings results on Wednesday, March 4th. The auto parts company reported $0.29 EPS 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 firm had revenue of $171.92 million for the quarter, compared to the consensus estimate of $164.20 million. Equities research analysts forecast that Miller Industries, Inc. will post 2.09 EPS for the current year.

Miller Industries Increases Dividend

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

Institutional Investors Weigh In On Miller Industries

Hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Miller Industries by 4.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company's stock valued at $281,000 after purchasing an additional 312 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Miller Industries by 66.5% in the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company's stock valued at $37,000 after purchasing an additional 329 shares during the last quarter. CWM LLC raised its holdings in shares of Miller Industries by 121.7% in the third quarter. CWM LLC now owns 849 shares of the auto parts company's stock valued at $34,000 after purchasing an additional 466 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Miller Industries by 4.0% in the fourth quarter. SG Americas Securities LLC now owns 13,141 shares of the auto parts company's stock valued at $491,000 after buying an additional 504 shares in the last quarter. Finally, Osaic Holdings Inc. grew its stake in shares of Miller Industries by 7.5% in the fourth quarter. Osaic Holdings Inc. now owns 7,977 shares of the auto parts company's stock valued at $298,000 after buying an additional 556 shares in the last quarter. Institutional investors 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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