Miller Industries (NYSE:MLR) Reaches New 52-Week High – Time to Buy?

Miller Industries, Inc. (NYSE:MLR) hit a new 52-week high on Wednesday . The stock traded as high as $50.35 and last traded at $49.78, with a volume of 112327 shares. The stock had previously closed at $49.73.

Wall Street Analyst Weigh In

MLR has been the topic of a number of research analyst reports. Zacks Research lowered Miller Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Loop Capital set a $44.00 price objective on shares of Miller Industries in a research report on Monday, March 9th. DA Davidson lifted 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. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $50.00.

Miller Industries Stock Performance

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 simple moving average is $48.01 and its 200 day simple moving average is $44.26. The firm has a market capitalization of $597.25 million, a price-to-earnings ratio of 39.10 and a beta of 1.11.

Miller Industries (NYSE:MLR) last released its quarterly earnings data on Wednesday, May 6th. The auto parts company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.17). Miller Industries had a return on equity of 3.70% and a net margin of 2.08%.The business had revenue of $180.86 million during the quarter, compared to analyst estimates of $181.10 million. Sell-side analysts forecast that Miller Industries, Inc. will post 1.9 earnings per share for the current fiscal year.

Miller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 8th. Shareholders of record on Monday, June 1st were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 1st. Miller Industries’s dividend payout ratio is presently 62.69%.

Hedge Funds Weigh In On Miller Industries

A number of institutional investors have recently modified their holdings of MLR. AQR Capital Management LLC boosted its stake in shares of Miller Industries by 41.9% in the first quarter. AQR Capital Management LLC now owns 13,019 shares of the auto parts company’s stock worth $552,000 after buying an additional 3,846 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 acquiring an additional 312 shares during the period. Millennium Management LLC raised 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 in the last quarter. Goldman Sachs Group Inc. raised its position in 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 valued at $12,160,000 after acquiring an additional 112,925 shares in the last quarter. Finally, Strs Ohio acquired a new position in Miller Industries in the first quarter valued at approximately $182,000. 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.