Miller Industries (NYSE:MLR) Shares Gap Down – What’s Next?

Shares of Miller Industries, Inc. (NYSE:MLR) gapped down prior to trading on Friday. The stock had previously closed at $52.07, but opened at $45.27. Miller Industries shares last traded at $45.7650, with a volume of 458 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have commented on MLR shares. Zacks Research upgraded Miller Industries from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. DA Davidson raised their price target on Miller Industries from $56.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a report on Monday, September 21st. Finally, Wall Street Zen downgraded Miller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 24th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $54.00.

Miller Industries Stock Performance

The company has a market capitalization of $524.24 million, a PE ratio of 30.79 and a beta of 1.13. The stock’s fifty day simple moving average is $53.38 and its 200-day simple moving average is $49.07.

Miller Industries (NYSE:MLR) last issued its quarterly earnings results on Wednesday, November 4th. The auto parts company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.11). The firm had revenue of $212.22 million for the quarter, compared to analysts’ expectations of $246.15 million. Miller Industries had a return on equity of 4.13% and a net margin of 2.15%. On average, equities analysts anticipate that Miller Industries, Inc. will post 1.95 EPS for the current year.

Miller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 14th. Investors of record on Monday, December 7th will be given a dividend of $0.21 per share. The ex-dividend date is Monday, December 7th. This represents a $0.84 dividend on an annualized basis and a yield of 1.8%. Miller Industries’s dividend payout ratio (DPR) is 56.00%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Systematic Financial Management LP lifted its stake in shares of Miller Industries by 1.3% during the 1st quarter. Systematic Financial Management LP now owns 446,339 shares of the auto parts company’s stock worth $20,331,000 after purchasing an additional 5,743 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Miller Industries in the second quarter valued at $5,985,000. Heartland Advisors Inc. purchased a new stake in shares of Miller Industries in the first quarter valued at $5,466,000. Punch & Associates Investment Management Inc. grew its position in shares of Miller Industries by 36.1% in the first quarter. Punch & Associates Investment Management Inc. now owns 110,477 shares of the auto parts company’s stock valued at $5,032,000 after purchasing an additional 29,291 shares during the period. Finally, Diversified Investment Strategies LLC increased its stake in Miller Industries by 0.9% in the first quarter. Diversified Investment Strategies LLC now owns 106,920 shares of the auto parts company’s stock valued at $4,870,000 after purchasing an additional 950 shares during the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Company Profile

Miller Industries, Inc designs, manufactures and sells towing and recovery equipment. Its product portfolio includes light-, medium- and heavy-duty tow trucks, vehicle carriers, wreckers, rotators, underlift systems and related equipment used to recover, transport and service disabled vehicles.

The company markets products under brands including Century, Vulcan, Chevron, Holmes and Champion. It also provides replacement parts and related support for its equipment. Miller Industries sells through a network of distributors and dealers to towing operators, transportation companies, government agencies and other commercial customers.

Headquartered in Ooltewah, Tennessee, Miller Industries serves customers in North America and international markets.