Miller Industries (NYSE:MLR) Shares Up 7.5% After Dividend Announcement

Shares of Miller Industries, Inc. (NYSE:MLR) shot up 7.5% during trading on Thursday after the company announced a dividend. The company traded as high as $33.75 and last traded at $32.78, 106,339 shares were traded during mid-day trading. An increase of 175% from the average session volume of 38,707 shares. The stock had previously closed at $30.48.

The newly announced dividend which will be paid on Monday, September 16th. Shareholders of record on Monday, September 9th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.72 annualized dividend and a yield of 2.24%.

Separately, ValuEngine lowered shares of Miller Industries from a “hold” rating to a “sell” rating in a report on Thursday, August 1st.

The firm’s 50 day simple moving average is $30.78. The company has a market cap of $347.48 million, a P/E ratio of 8.94 and a beta of 0.99. The company has a current ratio of 2.27, a quick ratio of 1.55 and a debt-to-equity ratio of 0.14.

Miller Industries (NYSE:MLR) last released its quarterly earnings data on Wednesday, August 7th. The auto parts company reported $0.94 earnings per share for the quarter. The company had revenue of $222.35 million during the quarter. Miller Industries had a net margin of 4.88% and a return on equity of 17.09%.

In other news, Director A Russell Chandler III sold 13,000 shares of Miller Industries stock in a transaction on Monday, May 13th. The shares were sold at an average price of $31.20, for a total value of $405,600.00. Following the completion of the sale, the director now owns 66,833 shares in the company, valued at approximately $2,085,189.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.90% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new stake in Miller Industries in the 2nd quarter valued at $30,000. BNP Paribas Arbitrage SA grew its position in Miller Industries by 688.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,311 shares of the auto parts company’s stock valued at $71,000 after purchasing an additional 2,018 shares during the period. Value Holdings Management CO. LLC acquired a new stake in Miller Industries in the 1st quarter valued at $93,000. Metropolitan Life Insurance Co. NY grew its position in Miller Industries by 383.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,247 shares of the auto parts company’s stock valued at $115,000 after purchasing an additional 3,369 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Miller Industries in the 2nd quarter valued at $135,000. Institutional investors own 84.44% of the company’s stock.

About Miller Industries (NYSE:MLR)

Miller Industries, Inc, together with its subsidiaries, engages in the manufacture and sale of towing and recovery equipment. It offers wreckers that are used to recover and tow disabled vehicles and other equipment; and car carriers, which are specialized flat-bed vehicles with hydraulic tilt mechanisms that are used to transport new or disabled vehicles and other equipment.

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