Miller Industries (NYSE:MLR) Reaches New 1-Year High - Should You Buy?

Key Points

• Miller Industries reached a new 52-week high, trading as high as $59.70 before closing at $56.13. Despite the rally, analysts’ average rating remains “Hold,” with a consensus price target of $54.00.
• The company outperformed quarterly expectations, reporting earnings of $0.63 per share versus the $0.36 estimate and revenue of $239.99 million compared with the $210.80 million forecast.
• Miller Industries declared a quarterly dividend of $0.21 per share, equivalent to an annualized $0.84 payout and a 1.5% yield; institutional investors own 79.24% of the stock.

Miller Industries, Inc. (NYSE:MLR - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $59.70 and last traded at $56.13, with a volume of 90618 shares trading hands. The stock had previously closed at $56.73.

Analyst Ratings Changes

MLR has been the topic of several analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Miller Industries in a research report on Wednesday, June 24th. DA Davidson raised their price objective on shares of Miller Industries from $56.00 to $64.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Wall Street Zen raised shares of Miller Industries from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Finally, Zacks Research raised shares of Miller Industries from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $54.00.

Miller Industries Trading Down 1.1%

The firm has a fifty day simple moving average of $52.34 and a two-hundred day simple moving average of $48.45. The stock has a market cap of $637.08 million, a PE ratio of 45.27 and a beta of 1.11.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The auto parts company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.36 by $0.27. The company had revenue of $239.99 million during the quarter, compared to analyst estimates of $210.80 million. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%. Equities analysts forecast that Miller Industries, Inc. will post 1.95 earnings per share for the current year.

Miller Industries Dividend Announcement

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

Institutional Trading of Miller Industries

A number of hedge funds have recently bought and sold shares of the company. Front Street Capital Management Inc. purchased a new stake in shares of Miller Industries during the second quarter valued at approximately $14,666,000. Hotchkis & Wiley Capital Management LLC increased its position in Miller Industries by 22.0% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company's stock valued at $22,885,000 after purchasing an additional 101,973 shares during the period. Systematic Financial Management LP increased its position in shares of Miller Industries by 1.3% during the first quarter. Systematic Financial Management LP now owns 446,339 shares of the auto parts company's stock valued at $20,331,000 after buying an additional 5,743 shares during the period. First Wilshire Securities Management Inc. boosted its position in Miller Industries by 980.1% during the 4th quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company's stock valued at $11,166,000 after acquiring an additional 271,136 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Miller Industries by 64.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company's stock worth $12,160,000 after acquiring an additional 112,925 shares during the period. Institutional investors 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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