Miller Industries (NYSE:MLR) Shares Cross Above 200-Day Moving Average – Here’s Why

Shares of Miller Industries, Inc. (NYSE:MLR) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $49.53 and traded as high as $55.94. Miller Industries shares last traded at $55.4450, with a volume of 56,218 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently commented on MLR. Zacks Research raised Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. DA Davidson lifted their price target on shares of Miller Industries from $56.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Wall Street Zen upgraded shares of Miller Industries from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miller Industries in a research note on Wednesday, June 24th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Miller Industries currently has an average rating of “Hold” and an average price target of $54.00.

Miller Industries Stock Performance

The firm has a market capitalization of $611.21 million, a PE ratio of 43.43 and a beta of 1.12. The company’s fifty day moving average price is $53.72 and its two-hundred day moving average price is $49.56.

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

Miller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 8th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, September 8th. Miller Industries’s dividend payout ratio (DPR) is 67.74%.

Institutional Investors Weigh In On Miller Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in MLR. IFP Advisors Inc lifted its stake in shares of Miller Industries by 200.0% in the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock valued at $34,000 after purchasing an additional 604 shares in the last quarter. Hsbc Holdings PLC purchased a new position in Miller Industries in the first quarter valued at approximately $279,000. Public Employees Retirement System of Ohio purchased a new position in Miller Industries in the second quarter valued at approximately $351,000. PNC Financial Services Group Inc. lifted its position in Miller Industries by 6.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 12,100 shares of the auto parts company’s stock valued at $452,000 after buying an additional 700 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in Miller Industries during the fourth quarter valued at approximately $677,000. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Company Profile

Miller Industries, Inc is a manufacturer of towing and recovery equipment headquartered in Tennessee. The company designs and produces tow trucks, wreckers, car carriers, transport trailers, and related equipment used to recover, tow, and transport passenger vehicles, commercial trucks, buses, and other heavy-duty vehicles.

Its product portfolio includes light-, medium-, and heavy-duty wreckers; integrated tow trucks; carriers; rotators; and specialized recovery equipment. Miller Industries markets products under brands including Century, Vulcan, Chevron, Holmes, and Champion, and also provides replacement parts and related support services.

Founded in 1990, the company serves towing operators, municipalities, government agencies, transportation companies, equipment rental businesses, and other commercial customers in North America and international markets.