Miller Industries (NYSE:MLR) Posts Quarterly Earnings Results, Beats Estimates By $0.27 EPS

Miller Industries (NYSE:MLR) posted its quarterly earnings data on Wednesday. The auto parts company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.27, FiscalAI reports. The firm had revenue of $239.99 million during the quarter, compared to analyst estimates of $210.80 million. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%.

Miller Industries Stock Up 0.0%

Shares of MLR stock traded up $0.01 on Friday, reaching $54.42. 101,023 shares of the company were exchanged, compared to its average volume of 76,968. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.78. The company has a 50-day moving average of $49.74 and a 200-day moving average of $46.74. The company has a market cap of $620.35 million, a price-to-earnings ratio of 43.88 and a beta of 1.11. Miller Industries has a one year low of $35.72 and a one year high of $56.21.

Miller Industries Announces Dividend

The business also recently disclosed 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 dividend payout ratio is 67.74%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MLR. Osaic Holdings Inc. raised its holdings in Miller Industries by 7.5% during the fourth quarter. Osaic Holdings Inc. now owns 7,977 shares of the auto parts company’s stock worth $298,000 after buying an additional 556 shares during the last quarter. Martingale Asset Management L P acquired a new position in shares of Miller Industries during the fourth quarter valued at about $293,000. Public Employees Retirement System of Ohio increased its position in shares of Miller Industries by 320.9% during the third quarter. Public Employees Retirement System of Ohio now owns 7,193 shares of the auto parts company’s stock worth $291,000 after acquiring an additional 5,484 shares in the last quarter. Jain Global LLC bought a new stake in shares of Miller Industries during the third quarter worth about $209,000. Finally, Sei Investments Co. acquired a new stake in shares of Miller Industries in the 3rd quarter worth about $216,000. 79.24% of the stock is owned by institutional investors and hedge funds.

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.