Miller Industries (NYSE:MLR) Sees Unusually-High Trading Volume – Here’s Why

Miller Industries, Inc. (NYSE:MLR) saw strong trading volume on Wednesday . 65,428 shares changed hands during trading, a decline of 20% from the previous session’s volume of 81,522 shares.The stock last traded at $53.8470 and had previously closed at $54.37.

Analyst Upgrades and Downgrades

MLR has been the topic of a number of research reports. Wall Street Zen upgraded Miller Industries from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Zacks Research raised 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 research report on Monday. Finally, DA Davidson boosted their price target on Miller Industries from $56.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, August 10th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Miller Industries currently has a consensus rating of “Hold” and an average target price of $54.00.

Miller Industries Price Performance

The business has a 50-day simple moving average of $53.93 and a 200 day simple moving average of $49.75. The firm has a market cap of $618.12 million, a PE ratio of 43.92 and a beta of 1.12.

Miller Industries (NYSE:MLR) last announced its quarterly earnings data on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.27. The company 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 3.41% and a net margin of 1.86%. On average, equities analysts forecast that Miller Industries, Inc. will post 1.95 earnings per share for the current fiscal year.

Miller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 8th were paid a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.5%. Miller Industries’s dividend payout ratio is 67.74%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MLR. Public Employees Retirement System of Ohio bought a new stake in Miller Industries during the second quarter valued at about $351,000. Diamond Hill Capital Management LLC Investment Advisor bought a new position in shares of Miller Industries in the second quarter worth about $1,187,000. Bank of New York Mellon Corp purchased a new position in Miller Industries in the 2nd quarter worth approximately $5,985,000. Empowered Funds LLC lifted its holdings in Miller Industries by 9.7% in the 1st quarter. Empowered Funds LLC now owns 42,073 shares of the auto parts company’s stock worth $1,916,000 after purchasing an additional 3,703 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in Miller Industries by 47.7% in the 1st quarter. Quantinno Capital Management LP now owns 38,616 shares of the auto parts company’s stock worth $1,759,000 after purchasing an additional 12,463 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 manufacturer of towing and recovery equipment headquartered in Tennessee. The company designs and produces tow trucks, wreckers, car carriers, transport trailers, and related equipment used to recover, tow, and transport passenger vehicles, commercial trucks, buses, and other heavy-duty vehicles.

Its product portfolio includes light-, medium-, and heavy-duty wreckers; integrated tow trucks; carriers; rotators; and specialized recovery equipment. Miller Industries markets products under brands including Century, Vulcan, Chevron, Holmes, and Champion, and also provides replacement parts and related support services.

Founded in 1990, the company serves towing operators, municipalities, government agencies, transportation companies, equipment rental businesses, and other commercial customers in North America and international markets.