Miller Industries (NYSE:MLR) Hits New 12-Month High – Should You Buy?

Miller Industries, Inc. (NYSE:MLR) reached a new 52-week high on Tuesday . The stock traded as high as $49.70 and last traded at $49.6310, with a volume of 37040 shares changing hands. The stock had previously closed at $47.60.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MLR. DA Davidson lifted 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. Loop Capital set a $44.00 target price on Miller Industries in a research report on Monday, March 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a report on Friday, March 27th. Finally, Zacks Research cut Miller Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 10th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Miller Industries currently has an average rating of “Hold” and a consensus target price of $48.50.

Miller Industries Trading Up 4.3%

The company has a market cap of $564.30 million, a PE ratio of 25.07 and a beta of 1.13. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.22 and a quick ratio of 1.87. The company has a 50-day moving average of $45.50 and a 200 day moving average of $41.77.

Miller Industries (NYSE:MLR) last released its earnings results on Wednesday, March 4th. The auto parts company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.26. The firm had revenue of $171.92 million for the quarter, compared to analysts’ expectations of $164.20 million. Miller Industries had a return on equity of 5.52% and a net margin of 2.92%. Analysts predict that Miller Industries, Inc. will post 2.09 earnings per share for the current year.

Miller Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 23rd. Investors of record on Monday, March 16th were issued a $0.21 dividend. The ex-dividend date was Monday, March 16th. This is a positive change from Miller Industries’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.7%. Miller Industries’s dividend payout ratio (DPR) is presently 42.42%.

Institutional Trading of Miller Industries

A number of hedge funds have recently bought and sold shares of the stock. Tudor Investment Corp ET AL purchased a new position in shares of Miller Industries in the 3rd quarter valued at $1,598,000. Citigroup Inc. increased its holdings in shares of Miller Industries by 219.6% in the 3rd quarter. Citigroup Inc. now owns 63,227 shares of the auto parts company’s stock valued at $2,556,000 after acquiring an additional 43,444 shares during the period. Pacific Ridge Capital Partners LLC increased its holdings in shares of Miller Industries by 24.3% in the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 121,261 shares of the auto parts company’s stock valued at $4,901,000 after acquiring an additional 23,683 shares during the period. Azarias Capital Management L.P. purchased a new position in shares of Miller Industries in the 4th quarter valued at $1,497,000. Finally, Invenomic Capital Management LP purchased a new position in shares of Miller Industries in the 3rd quarter valued at $4,442,000. 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.