Miller Industries (NYSE:MLR) Reaches New 12-Month High – Still a Buy?

Miller Industries, Inc. (NYSE:MLR)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $56.60 and last traded at $56.30, with a volume of 157810 shares changing hands. The stock had previously closed at $54.59.

Analyst Ratings Changes

Several research firms have commented on MLR. DA Davidson upped their price objective on Miller Industries from $56.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday. Wall Street Zen upgraded shares of Miller Industries from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Zacks Research raised shares of Miller Industries from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Miller Industries presently has a consensus rating of “Hold” and a consensus target price of $54.00.

Miller Industries Stock Up 0.5%

The business has a 50-day simple moving average of $50.43 and a 200-day simple moving average of $47.23. The company has a market cap of $642.69 million, a PE ratio of 45.64 and a beta of 1.11.

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

Miller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 8th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 8th. Miller Industries’s dividend payout ratio (DPR) is presently 67.74%.

Institutional Trading of Miller Industries

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Front Street Capital Management Inc. purchased a new position in Miller Industries in the 2nd quarter valued at about $14,666,000. First Wilshire Securities Management Inc. increased 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 worth $11,166,000 after buying an additional 271,136 shares in the last quarter. Millennium Management LLC raised its holdings in shares of 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 during the last quarter. Heartland Advisors Inc. acquired a new position in shares of Miller Industries during the first quarter valued at approximately $5,466,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Miller Industries in the second quarter valued at approximately $5,985,000. Hedge funds and other institutional investors own 79.24% of the company’s stock.

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.