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

Miller Industries, Inc. (NYSE:MLR) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $45.39 and traded as high as $50.00. Miller Industries shares last traded at $49.48, with a volume of 68,173 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MLR shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a report on Wednesday, June 24th. Zacks Research upgraded shares of Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Finally, DA Davidson upped their price objective on shares of Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $50.00.

Miller Industries Trading Up 0.9%

The company has a current ratio of 2.98, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. The firm has a market cap of $564.07 million, a price-to-earnings ratio of 36.93 and a beta of 1.10. The company has a fifty day moving average price of $48.59 and a 200-day moving average price of $45.39.

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

Miller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Monday, June 1st were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.7%. Miller Industries’s dividend payout ratio (DPR) is presently 62.69%.

Hedge Funds Weigh In On Miller Industries

Large investors have recently made changes to their positions in the company. AQR Capital Management LLC boosted its holdings in Miller Industries by 41.9% during the first quarter. AQR Capital Management LLC now owns 13,019 shares of the auto parts company’s stock worth $552,000 after buying an additional 3,846 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Miller Industries by 4.9% in 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 in the last quarter. Millennium Management LLC raised its position in shares of Miller Industries by 855.1% in the first quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company’s stock worth $6,649,000 after acquiring an additional 140,500 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Miller Industries by 64.9% in the first 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. Finally, Strs Ohio purchased a new stake in shares of Miller Industries during the 1st quarter worth about $182,000. 79.24% of the stock is currently owned by institutional investors and hedge funds.

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.