Miller Industries (NYSE:MLR) Stock Price Passes Above 200 Day Moving Average – Here’s What Happened

Miller Industries, Inc. (NYSE:MLR)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $42.61 and traded as high as $48.50. Miller Industries shares last traded at $48.3380, with a volume of 70,671 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research note on Friday, March 27th. DA Davidson raised their price objective on Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Zacks Research raised Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Finally, Loop Capital set a $44.00 price objective on Miller Industries in a research note on Monday, March 9th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Miller Industries currently has a consensus rating of “Hold” and an average target price of $50.00.

Miller Industries Stock Performance

The company has a market cap of $551.05 million, a PE ratio of 36.07 and a beta of 1.13. The company has a quick ratio of 1.78, a current ratio of 2.98 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average of $46.67 and a 200-day moving average of $42.61.

Miller Industries (NYSE:MLR) last announced its earnings results on Wednesday, May 6th. The auto parts company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.17). The company had revenue of $180.86 million for the quarter, compared to analysts’ expectations of $181.10 million. Miller Industries had a net margin of 2.08% and a return on equity of 3.70%. As a group, analysts anticipate that Miller Industries, Inc. will post 1.9 earnings per share for the current year.

Miller Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 8th. Investors of record on Monday, June 1st will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.84 annualized dividend and a dividend yield of 1.7%. Miller Industries’s payout ratio is presently 62.69%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Miller Industries by 4.9% during 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 buying an additional 312 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Miller Industries by 66.5% during the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock valued at $37,000 after buying an additional 329 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Miller Industries by 4.0% during 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 during the last quarter. Osaic Holdings Inc. boosted its position in shares of Miller Industries by 7.5% during 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 during the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Miller Industries by 200.0% during the fourth quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock valued at $34,000 after buying an additional 604 shares during the last quarter. Hedge funds and other 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.