Miller Industries (NYSE:MLR) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Miller Industries, Inc. (NYSE:MLR) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $45.39 and traded as high as $50.00. Miller Industries shares last traded at $49.48, with a volume of 68,173 shares changing hands.

Analyst Ratings Changes

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

Miller Industries Trading Down 1.9%

The company has a quick ratio of 1.78, a current ratio of 2.98 and a debt-to-equity ratio of 0.05. The business has a fifty day simple moving average of $48.65 and a 200 day simple moving average of $45.48. The company has a market cap of $565.08 million, a price-to-earnings ratio of 36.98 and a beta of 1.10.

Miller Industries (NYSE:MLR) last issued its earnings results on Wednesday, May 6th. The auto parts company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.17). The company had revenue of $180.86 million for the quarter, compared to analysts’ expectations of $181.10 million. Miller Industries had a return on equity of 3.70% and a net margin of 2.08%. On average, equities analysts anticipate that Miller Industries, Inc. will post 1.9 EPS for the current fiscal year.

Miller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Investors of record on Monday, June 1st were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.84 annualized dividend and a yield of 1.7%. Miller Industries’s payout ratio is currently 62.69%.

Institutional Trading of Miller Industries

Several institutional investors and hedge funds have recently modified their holdings of MLR. AQR Capital Management LLC grew its holdings in Miller Industries by 41.9% during the 1st 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 valued at $281,000 after purchasing an additional 312 shares during the last quarter. Millennium Management LLC grew its position in Miller Industries by 855.1% during the first quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company’s stock valued at $6,649,000 after acquiring an additional 140,500 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Miller Industries by 64.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock worth $12,160,000 after purchasing an additional 112,925 shares during the period. Finally, Strs Ohio purchased a new position in shares of Miller Industries in the 1st quarter valued at $182,000. Hedge funds and other 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.