Miller Industries (NYSE:MLR) Releases Earnings Results, Beats Estimates By $0.27 EPS

Miller Industries (NYSE:MLR) released its earnings results on Wednesday. The auto parts company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.27, FiscalAI reports. The firm had revenue of $239.99 million during the quarter, compared to the consensus estimate of $210.80 million. Miller Industries had a return on equity of 3.70% and a net margin of 2.08%.

Miller Industries Stock Performance

MLR stock traded down $0.26 during midday trading on Wednesday, hitting $50.56. 92,644 shares of the stock traded hands, compared to its average volume of 67,426. The stock’s fifty day simple moving average is $49.63 and its 200-day simple moving average is $46.64. The firm has a market cap of $576.37 million, a P/E ratio of 37.73 and a beta of 1.11. Miller Industries has a 1-year low of $33.81 and a 1-year high of $52.93. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.78.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Miller Industries

Several institutional investors and hedge funds have recently modified their holdings of MLR. AQR Capital Management LLC increased its position in shares of Miller Industries by 41.9% in the first quarter. AQR Capital Management LLC now owns 13,019 shares of the auto parts company’s stock valued at $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 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company’s stock worth $281,000 after acquiring an additional 312 shares in the last quarter. Millennium Management LLC increased its holdings 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 acquiring an additional 140,500 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Miller Industries by 64.9% during 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 acquired a new stake in shares of Miller Industries in the first quarter valued at about $182,000. 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.