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

Key Points

• Miller Industries shares fell sharply, opening at $45.27 after closing at $52.07 and last trading at $45.77.
• The company missed quarterly estimates, reporting EPS of $0.53 versus $0.64 expected and revenue of $212.22 million versus $246.15 million expected.
• Analysts’ average rating is Hold with a $54 price target. Miller Industries also declared a quarterly dividend of $0.21 per share, equivalent to a 1.8% yield.

Shares of Miller Industries, Inc. (NYSE:MLR - Get Free Report) gapped down before the market opened on Friday. The stock had previously closed at $52.07, but opened at $45.27. Miller Industries shares last traded at $45.7650, with a volume of 458 shares.

Analysts Set New Price Targets

MLR has been the subject of a number of recent analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Miller Industries in a report on Monday, September 21st. Zacks Research upgraded shares of Miller Industries from a "strong sell" rating to a "hold" rating in a research report on Friday, July 10th. Wall Street Zen downgraded shares of Miller Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, October 24th. Finally, 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 note on Monday, August 10th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $54.00.

Miller Industries Stock Performance

The firm has a market cap of $524.24 million, a price-to-earnings ratio of 30.79 and a beta of 1.13. The business has a fifty day moving average of $53.38 and a two-hundred day moving average of $49.07.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The auto parts company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.11). The firm had revenue of $212.22 million for the quarter, compared to analyst estimates of $246.15 million. Miller Industries had a return on equity of 4.13% and a net margin of 2.15%. On average, equities research analysts forecast that Miller Industries, Inc. will post 1.95 earnings per share for the current year.

Miller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, December 7th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, December 7th. Miller Industries's payout ratio is 56.00%.

Institutional Investors Weigh In On Miller Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Lakewood Asset Management LLC increased its holdings in Miller Industries by 10.3% during the 3rd quarter. Lakewood Asset Management LLC now owns 5,059 shares of the auto parts company's stock valued at $266,000 after acquiring an additional 473 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Miller Industries during the first quarter worth about $279,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Miller Industries in the second quarter valued at about $351,000. State of Wyoming lifted its holdings in shares of Miller Industries by 17.2% in the third quarter. State of Wyoming now owns 6,771 shares of the auto parts company's stock valued at $356,000 after purchasing an additional 995 shares in the last quarter. Finally, R Squared Ltd lifted its holdings in shares of Miller Industries by 61.2% in the third quarter. R Squared Ltd now owns 9,474 shares of the auto parts company's stock valued at $498,000 after purchasing an additional 3,596 shares in the last quarter. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

About Miller Industries

Miller Industries, Inc designs, manufactures and sells towing and recovery equipment. Its product portfolio includes light-, medium- and heavy-duty tow trucks, vehicle carriers, wreckers, rotators, underlift systems and related equipment used to recover, transport and service disabled vehicles.

The company markets products under brands including Century, Vulcan, Chevron, Holmes and Champion. It also provides replacement parts and related support for its equipment. Miller Industries sells through a network of distributors and dealers to towing operators, transportation companies, government agencies and other commercial customers.

Headquartered in Ooltewah, Tennessee, Miller Industries serves customers in North America and international markets.

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