Miller Industries (NYSE:MLR) Shares Up 8.7%

Miller Industries, Inc. (NYSE:MLR)’s stock price was up 8.7% during mid-day trading on Thursday . The company traded as high as $60.14 and last traded at $59.99. Approximately 38,057 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 56,449 shares. The stock had previously closed at $55.21.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Miller Industries from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 7th.

Miller Industries Price Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 2.17 and a quick ratio of 1.37. The stock has a 50 day simple moving average of $49.60 and a two-hundred day simple moving average of $43.65. The company has a market cap of $664.11 million, a price-to-earnings ratio of 11.53 and a beta of 1.03.

Miller Industries (NYSE:MLR) last posted its quarterly earnings results on Wednesday, March 6th. The auto parts company reported $1.45 earnings per share for the quarter. The business had revenue of $296.25 million during the quarter. Miller Industries had a net margin of 5.05% and a return on equity of 17.97%.

Miller Industries Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Monday, March 18th were given a $0.19 dividend. The ex-dividend date of this dividend was Friday, March 15th. This represents a $0.76 dividend on an annualized basis and a yield of 1.31%. This is an increase from Miller Industries’s previous quarterly dividend of $0.18. Miller Industries’s payout ratio is currently 14.99%.

Institutional Investors Weigh In On Miller Industries

A number of institutional investors have recently made changes to their positions in MLR. Ellsworth Advisors LLC boosted its holdings in Miller Industries by 3.3% during the 4th quarter. Ellsworth Advisors LLC now owns 10,205 shares of the auto parts company’s stock valued at $432,000 after acquiring an additional 327 shares during the period. Hillsdale Investment Management Inc. grew its holdings in shares of Miller Industries by 11.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 3,800 shares of the auto parts company’s stock valued at $161,000 after purchasing an additional 400 shares in the last quarter. North Star Investment Management Corp. increased its stake in Miller Industries by 1.0% during the 4th quarter. North Star Investment Management Corp. now owns 51,275 shares of the auto parts company’s stock worth $2,168,000 after buying an additional 500 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Miller Industries by 52.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,868 shares of the auto parts company’s stock worth $79,000 after buying an additional 639 shares in the last quarter. Finally, Redmont Wealth Advisors LLC boosted its position in Miller Industries by 6.4% in the 4th quarter. Redmont Wealth Advisors LLC now owns 17,209 shares of the auto parts company’s stock valued at $728,000 after buying an additional 1,033 shares during the period. 79.24% of the stock is currently owned by institutional investors and hedge funds.

About Miller Industries

Miller Industries, Inc, together with its subsidiaries, manufactures and sells towing and recovery equipment. The company 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, which are used to transport new or disabled vehicles and other equipment.