Miller Industries (NYSE:MLR) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research lowered shares of Miller Industries (NYSE:MLR) from a hold rating to a strong sell rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts also recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a research note on Monday, December 29th. DA Davidson increased their price target on Miller Industries from $52.00 to $53.00 and gave the company a “buy” rating in a report on Monday. Finally, Loop Capital set a $44.00 price objective on Miller Industries in a report on Monday. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $48.50.

Miller Industries Stock Down 0.7%

Shares of NYSE:MLR opened at $44.38 on Tuesday. The company has a market capitalization of $504.54 million, a price-to-earnings ratio of 22.41 and a beta of 1.25. The company has a 50 day moving average of $42.11 and a two-hundred day moving average of $40.37. Miller Industries has a 52-week low of $33.81 and a 52-week high of $48.94. The company has a quick ratio of 1.87, a current ratio of 3.22 and a debt-to-equity ratio of 0.07.

Miller Industries (NYSE:MLR) last announced its 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. The business had revenue of $171.92 million during the quarter, compared to the consensus estimate of $164.20 million. Miller Industries had a net margin of 2.92% and a return on equity of 5.52%. As a group, analysts forecast that Miller Industries will post 5.68 earnings per share for the current fiscal year.

Miller Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Monday, March 16th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Miller Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Monday, March 16th. Miller Industries’s dividend payout ratio is currently 40.40%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Hotchkis & Wiley Capital Management LLC raised its stake in Miller Industries by 22.0% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company’s stock worth $22,885,000 after acquiring an additional 101,973 shares during the period. Systematic Financial Management LP boosted its stake in Miller Industries by 2.1% in the fourth quarter. Systematic Financial Management LP now owns 440,596 shares of the auto parts company’s stock valued at $16,465,000 after acquiring an additional 9,170 shares during the period. First Wilshire Securities Management Inc. grew its holdings in shares of Miller Industries by 980.1% during the fourth quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company’s stock valued at $11,166,000 after purchasing an additional 271,136 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Miller Industries by 2.6% during the second quarter. Geode Capital Management LLC now owns 288,809 shares of the auto parts company’s stock valued at $12,842,000 after purchasing an additional 7,252 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Miller Industries by 64.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock worth $12,160,000 after purchasing an additional 112,925 shares during the last quarter. 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.