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 during mid-day trading on Thursday . The company traded as high as $49.90 and last traded at $49.8570, with a volume of 31436 shares. The stock had previously closed at $48.67.

Analyst Ratings Changes

Several research analysts have commented on the stock. Loop Capital set a $44.00 price target on shares of Miller Industries in a report on Monday, March 9th. Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a report on Friday, March 27th. DA Davidson lifted their price objective on shares of Miller Industries from $53.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Finally, Zacks Research downgraded shares of Miller Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $50.00.

Miller Industries Stock Down 0.3%

The firm has a market cap of $565.94 million, a PE ratio of 37.05 and a beta of 1.11. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.78 and a current ratio of 2.98. The firm’s 50-day moving average price is $47.84 and its two-hundred day moving average price is $43.86.

Miller Industries (NYSE:MLR) last posted its earnings results on Wednesday, May 6th. The auto parts company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.17). Miller Industries had a net margin of 2.08% and a return on equity of 3.70%. The company had revenue of $180.86 million during the quarter, compared to analysts’ expectations of $181.10 million. As a group, equities research analysts expect 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. Shareholders 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 dividend yield of 1.7%. Miller Industries’s dividend payout ratio (DPR) is presently 62.69%.

Institutional Trading of Miller Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of Miller Industries by 41.9% in the 1st quarter. AQR Capital Management LLC now owns 13,019 shares of the auto parts company’s stock valued at $552,000 after purchasing an additional 3,846 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Miller Industries by 4.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company’s stock worth $281,000 after buying an additional 312 shares during the period. Millennium Management LLC increased 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 worth $6,649,000 after buying an additional 140,500 shares during the period. Goldman Sachs Group Inc. lifted its stake in Miller Industries by 64.9% in the first quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock valued at $12,160,000 after buying an additional 112,925 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Miller Industries in the first quarter valued at approximately $182,000. Institutional investors and hedge funds 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.