Miller Industries (NYSE:MLR) Posts Earnings Results, Misses Estimates By $0.17 EPS

Miller Industries (NYSE:MLR) posted its quarterly earnings results on Wednesday. The auto parts company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.17), FiscalAI reports. 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 analysts’ expectations of $181.10 million.

Miller Industries Stock Up 1.1%

Shares of MLR stock traded up $0.53 during mid-day trading on Friday, hitting $48.22. The stock had a trading volume of 69,682 shares, compared to its average volume of 91,756. Miller Industries has a 12-month low of $33.81 and a 12-month high of $49.89. The firm has a market capitalization of $549.65 million, a P/E ratio of 35.98 and a beta of 1.13. The firm’s 50-day moving average is $45.86 and its two-hundred day moving average is $41.94. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.87.

Miller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 8th. Shareholders of record on Monday, June 1st will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, June 1st. Miller Industries’s dividend payout ratio is currently 42.42%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a report on Friday, March 27th. DA Davidson boosted their target price on Miller Industries from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Monday, March 9th. Zacks Research downgraded Miller Industries from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 10th. Finally, Loop Capital set a $44.00 price objective on Miller Industries in a research report on Monday, March 9th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $48.50.

Institutional Investors Weigh In On Miller Industries

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its stake in shares of Miller Industries by 66.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock worth $37,000 after purchasing an additional 329 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in 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 worth $46,000 after acquiring an additional 1,001 shares during the period. Raymond James Financial Inc. acquired a new stake in Miller Industries during the second quarter worth about $125,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Miller Industries during the third quarter worth about $159,000. Finally, Strs Ohio acquired a new stake in Miller Industries during the first quarter worth about $182,000. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

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.