Miller Industries (NYSE:MLR) Reaches New 52-Week High – Here’s Why

Miller Industries, Inc. (NYSE:MLR)’s stock price hit a new 52-week high on Wednesday . The stock traded as high as $57.85 and last traded at $57.38, with a volume of 4249 shares changing hands. The stock had previously closed at $56.75.

Analysts Set New Price Targets

MLR has been the subject of a number of analyst reports. Wall Street Zen raised shares of Miller Industries from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Zacks Research raised shares of Miller Industries from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a report on Wednesday, June 24th. Finally, DA Davidson raised their price target on Miller Industries from $56.00 to $64.00 and gave the company a “buy” rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $54.00.

Miller Industries Price Performance

The stock’s 50-day moving average is $51.74 and its two-hundred day moving average is $48.09. The stock has a market cap of $645.47 million, a P/E ratio of 45.85 and a beta of 1.11.

Miller Industries (NYSE:MLR) last posted its earnings results on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.27. The company had revenue of $239.99 million during the quarter, compared to analysts’ expectations of $210.80 million. Miller Industries had a net margin of 1.86% and a return on equity of 3.41%. On average, analysts anticipate that Miller Industries, Inc. will post 1.95 EPS for the current fiscal year.

Miller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 8th. Miller Industries’s dividend payout ratio is 67.74%.

Institutional Investors Weigh In On Miller Industries

Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in 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. IFP Advisors Inc increased its stake in Miller Industries by 200.0% in the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock worth $34,000 after acquiring an additional 604 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Miller Industries by 736.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock worth $46,000 after acquiring an additional 1,001 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Miller Industries during the 2nd quarter worth approximately $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Miller Industries during the 3rd quarter worth approximately $159,000. 79.24% of the stock is owned by institutional investors.

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.