Miller Industries (NYSE:MLR) Reaches New 52-Week High – Still a Buy?

Miller Industries, Inc. (NYSE:MLR) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $50.35 and last traded at $49.78, with a volume of 112327 shares. The stock had previously closed at $49.73.

Analyst Ratings Changes

Several analysts have issued reports on MLR shares. DA Davidson upped their target price on Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a report on Monday, May 11th. Loop Capital set a $44.00 target price on shares of Miller Industries in a research note on Monday, March 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a research report on Friday, March 27th. Finally, Zacks Research downgraded shares of Miller Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $50.00.

Miller Industries Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.78. The firm has a market capitalization of $567.49 million, a price-to-earnings ratio of 37.15 and a beta of 1.11. The stock has a 50 day moving average price of $47.89 and a two-hundred day moving average price of $44.07.

Miller Industries (NYSE:MLR) last posted 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). Miller Industries had a return on equity of 3.70% and a net margin of 2.08%.The firm had revenue of $180.86 million for the quarter, compared to analyst estimates of $181.10 million. As a group, analysts expect that Miller Industries, Inc. will post 1.9 EPS for the current year.

Miller Industries Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Miller Industries by 4.9% in the 1st 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 period. EverSource Wealth Advisors LLC increased 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 worth $37,000 after acquiring an additional 329 shares during the period. SG Americas Securities LLC raised its stake in shares of Miller Industries by 4.0% in the fourth quarter. SG Americas Securities LLC now owns 13,141 shares of the auto parts company’s stock valued at $491,000 after acquiring an additional 504 shares in the last quarter. Osaic Holdings Inc. raised its stake in shares of Miller Industries by 7.5% in the fourth quarter. Osaic Holdings Inc. now owns 7,977 shares of the auto parts company’s stock valued at $298,000 after acquiring an additional 556 shares in the last quarter. Finally, 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 valued at $34,000 after purchasing an additional 604 shares during the period. Hedge funds and other institutional investors own 79.24% of the company’s stock.

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.