Miller Industries (NYSE:MLR) Hits New 1-Year High – Still a Buy?

Miller Industries, Inc. (NYSE:MLR)’s share price hit a new 52-week high on Tuesday . The company traded as high as $59.70 and last traded at $56.13, with a volume of 90618 shares. The stock had previously closed at $56.73.

Wall Street Analyst Weigh In

MLR has been the subject of several recent research reports. Zacks Research upgraded Miller Industries from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Wall Street Zen upgraded Miller Industries from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miller Industries in a research report on Wednesday, June 24th. Finally, DA Davidson increased their target price 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 given a Hold rating to the company. According to data from MarketBeat, Miller Industries has a consensus rating of “Hold” and a consensus price target of $54.00.

Miller Industries Stock Up 1.6%

The firm has a market capitalization of $628.37 million, a PE ratio of 44.64 and a beta of 1.12. The firm’s 50 day moving average price is $52.53 and its two-hundred day moving average price is $48.60.

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

Miller Industries Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. First Wilshire Securities Management Inc. grew its stake in Miller Industries by 980.1% during the 4th quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company’s stock valued at $11,166,000 after purchasing an additional 271,136 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Miller Industries by 855.1% during the 1st quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company’s stock valued at $6,649,000 after buying an additional 140,500 shares during the last quarter. Heartland Advisors Inc. purchased a new position in shares of Miller Industries during the 1st quarter valued at approximately $5,466,000. Bank of New York Mellon Corp purchased a new position in shares of Miller Industries during the 2nd quarter valued at approximately $5,985,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Miller Industries by 64.9% during the first quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock worth $12,160,000 after buying an additional 112,925 shares in the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.

Miller Industries Company Profile

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.