Miller Industries (NYSE:MLR) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Miller Industries, Inc. (NYSE:MLR) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $40.46 and traded as high as $45.93. Miller Industries shares last traded at $45.1970, with a volume of 81,127 shares traded.

Analyst Upgrades and Downgrades

MLR has been the topic of several recent analyst reports. DA Davidson boosted their price target on Miller Industries from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, March 9th. Loop Capital set a $44.00 price objective on Miller Industries in a research note on Monday, March 9th. Zacks Research cut Miller Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miller Industries in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $48.50.

Miller Industries Stock Up 1.5%

The company has a market cap of $513.98 million, a P/E ratio of 22.83 and a beta of 1.25. 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 firm has a fifty day moving average price of $43.06 and a 200 day moving average price of $40.46.

Miller Industries (NYSE:MLR) last released its quarterly earnings results on Wednesday, March 4th. The auto parts company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.26. The business had revenue of $171.92 million during the quarter, compared to analysts’ expectations of $164.20 million. Miller Industries had a return on equity of 5.52% and a net margin of 2.92%. Equities research analysts forecast that Miller Industries, Inc. will post 5.68 earnings per share for the current year.

Miller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 23rd. Shareholders of record on Monday, March 16th were paid a $0.21 dividend. This is a boost from Miller Industries’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, March 16th. Miller Industries’s payout ratio is presently 42.42%.

Institutional Trading of Miller Industries

Several hedge funds have recently modified their holdings of MLR. First Wilshire Securities Management Inc. grew its stake in shares of Miller Industries by 980.1% during the fourth quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company’s stock valued at $11,166,000 after purchasing an additional 271,136 shares during the last quarter. Millennium Management LLC raised its position in Miller Industries by 855.1% in the 1st quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company’s stock worth $6,649,000 after purchasing an additional 140,500 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Miller Industries by 64.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock valued at $12,160,000 after buying an additional 112,925 shares during the last quarter. Invenomic Capital Management LP bought a new position in Miller Industries in the 3rd quarter valued at $4,442,000. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in shares of Miller Industries by 22.0% in 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 buying an additional 101,973 shares during the period. 79.24% of the stock is owned by institutional investors.

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.