Miller Industries (NYSE:MLR) Sees Strong Trading Volume - Should You Buy?

Key Points

• Miller Industries’ shares traded at approximately $53.85, with 65,428 shares changing hands—about 20% below the prior session’s volume. The company has a market capitalization of $618.1 million and trades at a P/E ratio of 43.92.
• Analyst sentiment is mixed but improving: the average rating is “Hold” with a $54 price target, while DA Davidson raised its target to $64 and assigned a “Buy” rating.
• Miller Industries exceeded quarterly expectations, reporting $0.63 EPS versus a $0.36 estimate and $239.99 million in revenue versus $210.80 million expected. It also pays a quarterly dividend of $0.21 per share, representing a 1.5% yield.

Shares of Miller Industries, Inc. (NYSE:MLR - Get Free Report) saw an uptick in trading volume on Wednesday . Approximately 65,428 shares were traded during mid-day trading, a decline of 20% from the previous session's volume of 81,522 shares.The stock last traded at $53.8470 and had previously closed at $54.37.

Analyst Ratings Changes

Several research firms have weighed in on MLR. Zacks Research upgraded Miller Industries from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. DA Davidson raised 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, August 10th. Wall Street Zen raised shares of Miller Industries from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Miller Industries in a research report on Monday. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $54.00.

Miller Industries Stock Up 0.2%

The firm has a market cap of $618.12 million, a P/E ratio of 43.92 and a beta of 1.12. The business has a fifty day simple moving average of $53.93 and a 200-day simple moving average of $49.75.

Miller Industries (NYSE:MLR - Get Free Report) last announced its earnings results on Wednesday, August 5th. The auto parts company reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.27. The firm had revenue of $239.99 million for the quarter, compared to analysts' expectations of $210.80 million. Miller Industries had a net margin of 1.86% and a return on equity of 3.41%. On average, sell-side analysts anticipate that Miller Industries, Inc. will post 1.95 EPS for the current fiscal year.

Miller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 8th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $0.84 annualized dividend and a yield of 1.5%. Miller Industries's payout ratio is presently 67.74%.

Hedge Funds Weigh In On Miller Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the business. IFP Advisors Inc boosted its holdings in Miller Industries by 200.0% in the fourth quarter. IFP Advisors Inc now owns 906 shares of the auto parts company's stock worth $34,000 after acquiring an additional 604 shares in the last quarter. Hsbc Holdings PLC bought a new stake in shares of Miller Industries during the first quarter valued at approximately $279,000. Public Employees Retirement System of Ohio bought a new stake in shares of Miller Industries during the second quarter valued at approximately $351,000. PNC Financial Services Group Inc. raised its holdings in Miller Industries by 6.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 12,100 shares of the auto parts company's stock worth $452,000 after acquiring an additional 700 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in Miller Industries in the 4th quarter valued at approximately $677,000. Institutional investors own 79.24% of the company's stock.

About Miller Industries

Miller Industries, Inc is a manufacturer of towing and recovery equipment headquartered in Tennessee. The company designs and produces tow trucks, wreckers, car carriers, transport trailers, and related equipment used to recover, tow, and transport passenger vehicles, commercial trucks, buses, and other heavy-duty vehicles.

Its product portfolio includes light-, medium-, and heavy-duty wreckers; integrated tow trucks; carriers; rotators; and specialized recovery equipment. Miller Industries markets products under brands including Century, Vulcan, Chevron, Holmes, and Champion, and also provides replacement parts and related support services.

Founded in 1990, the company serves towing operators, municipalities, government agencies, transportation companies, equipment rental businesses, and other commercial customers in North America and international markets.

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