Miller Industries (NYSE:MLR) Releases Earnings Results, Beats Expectations By $0.26 EPS

Miller Industries (NYSE:MLR) released its earnings results on Wednesday. The auto parts company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.03 by $0.26, FiscalAI reports. Miller Industries had a net margin of 3.59% and a return on equity of 7.32%. The firm had revenue of $171.17 million for the quarter, compared to analysts’ expectations of $164.20 million.

Miller Industries Trading Up 3.5%

Shares of MLR stock traded up $1.51 during trading hours on Wednesday, reaching $44.80. The company had a trading volume of 74,439 shares, compared to its average volume of 50,437. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.46 and a quick ratio of 2.13. Miller Industries has a 1-year low of $33.81 and a 1-year high of $56.56. The firm has a market cap of $512.06 million, a price-to-earnings ratio of 17.23 and a beta of 1.25. The company has a 50 day moving average of $41.21 and a 200 day moving average of $40.26.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Loop Capital set a $46.00 target price on Miller Industries in a report on Monday, November 10th. Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.00.

Hedge Funds Weigh In On Miller Industries

Several institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Miller Industries by 66.5% in the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock valued at $37,000 after purchasing an additional 329 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Miller Industries by 736.0% during the third quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock worth $46,000 after purchasing an additional 1,001 shares during the period. Raymond James Financial Inc. bought a new position in shares of Miller Industries during the 2nd quarter worth approximately $125,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Miller Industries in the third quarter valued at $159,000. Finally, Strs Ohio acquired a new position in Miller Industries in the 1st quarter valued at about $182,000. 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.