Miller Industries, Inc. (NYSE:MLR) Increases Dividend to $0.21 Per Share

Miller Industries, Inc. (NYSE:MLR) declared a quarterly dividend on Wednesday, March 4th. Investors of record on Monday, March 16th will be paid a dividend of 0.21 per share by the auto parts company on Monday, March 23rd. This represents a c) annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, March 16th. This is a 5.0% increase from Miller Industries’s previous quarterly dividend of $0.20.

Miller Industries has raised its dividend payment by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Miller Industries has a payout ratio of 16.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Miller Industries to earn $5.94 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 13.5%.

Miller Industries Stock Performance

Shares of MLR stock opened at $44.80 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.13 and a current ratio of 3.46. The company has a market capitalization of $512.06 million, a P/E ratio of 17.23 and a beta of 1.25. The company’s 50 day moving average price is $41.34 and its two-hundred day moving average price is $40.29. Miller Industries has a 52 week low of $33.81 and a 52 week high of $56.56.

Miller Industries (NYSE:MLR) last released its quarterly earnings results on Wednesday, March 4th. The auto parts company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.26. Miller Industries had a net margin of 3.59% and a return on equity of 7.32%. The company had revenue of $171.92 million during the quarter, compared to analysts’ expectations of $164.20 million. On average, analysts expect that Miller Industries will post 5.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MLR has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a research report on Monday, December 29th. Loop Capital set a $46.00 price target on shares of Miller Industries in a research note on Monday, November 10th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $55.00.

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.