Miller Industries (NYSE:MLR) Shares Gap Down – What’s Next?

Miller Industries, Inc. (NYSE:MLR)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $50.93, but opened at $49.17. Miller Industries shares last traded at $49.2820, with a volume of 2,248 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MLR shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a research report on Wednesday, June 24th. Loop Capital set a $44.00 price objective on shares of Miller Industries in a research report on Monday, March 9th. DA Davidson upped their target price on shares of Miller Industries from $53.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Finally, Zacks Research cut shares of Miller Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $50.00.

Miller Industries Trading Down 0.1%

The stock has a market cap of $558.32 million, a PE ratio of 36.55 and a beta of 1.10. The company has a current ratio of 2.98, a quick ratio of 1.78 and a debt-to-equity ratio of 0.05. The firm has a fifty day simple moving average of $48.46 and a two-hundred day simple moving average of $44.79.

Miller Industries (NYSE:MLR) last released its quarterly 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). The company had revenue of $180.86 million during 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%. As a group, equities analysts expect that Miller Industries, Inc. will post 1.9 earnings per share for the current fiscal year.

Miller Industries Announces Dividend

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

Institutional Investors Weigh In On Miller Industries

A number of hedge funds and other institutional investors have recently modified their holdings of MLR. IFP Advisors Inc grew its position in Miller Industries by 200.0% during the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock worth $34,000 after acquiring an additional 604 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Miller Industries by 66.5% during 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 during the period. Russell Investments Group Ltd. boosted its stake in shares of 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 valued at $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 in the second quarter worth approximately $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Miller Industries in the third quarter worth approximately $159,000. 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.