Miller Industries (NYSE:MLR) Sees Unusually-High Trading Volume – What’s Next?

Shares of Miller Industries, Inc. (NYSE:MLR) saw an uptick in trading volume on Wednesday . 82,753 shares traded hands during mid-day trading, an increase of 27% from the previous session’s volume of 64,925 shares.The stock last traded at $68.76 and had previously closed at $68.01.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MLR. DA Davidson restated a “buy” rating and issued a $82.00 target price on shares of Miller Industries in a research note on Friday, November 15th. StockNews.com cut Miller Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th.

Miller Industries Price Performance

The company has a current ratio of 2.12, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The stock has a market cap of $785.24 million, a PE ratio of 11.38 and a beta of 0.98. The business has a 50-day moving average price of $69.08 and a 200 day moving average price of $64.57.

Miller Industries (NYSE:MLR) last released its earnings results on Tuesday, November 12th. The auto parts company reported $1.33 EPS for the quarter, hitting the consensus estimate of $1.33. The business had revenue of $314.27 million for the quarter. Miller Industries had a return on equity of 18.76% and a net margin of 5.23%. During the same period last year, the firm posted $1.52 earnings per share. As a group, research analysts forecast that Miller Industries, Inc. will post 5.68 earnings per share for the current fiscal year.

Miller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Monday, December 2nd were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend was Monday, December 2nd. Miller Industries’s payout ratio is 12.60%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MLR. FMR LLC lifted its position in Miller Industries by 10.2% during the 3rd quarter. FMR LLC now owns 766,623 shares of the auto parts company’s stock worth $46,764,000 after acquiring an additional 71,231 shares during the period. Royce & Associates LP boosted its holdings in shares of Miller Industries by 12.9% during the 3rd quarter. Royce & Associates LP now owns 496,528 shares of the auto parts company’s stock worth $30,288,000 after purchasing an additional 56,578 shares during the last quarter. Systematic Financial Management LP lifted its holdings in Miller Industries by 2.0% in the third quarter. Systematic Financial Management LP now owns 395,159 shares of the auto parts company’s stock valued at $24,105,000 after acquiring an additional 7,586 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in Miller Industries by 11.3% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 367,793 shares of the auto parts company’s stock worth $22,435,000 after purchasing an additional 37,480 shares in the last quarter. Finally, State Street Corp increased its position in shares of Miller Industries by 4.3% during the third quarter. State Street Corp now owns 230,828 shares of the auto parts company’s stock worth $14,081,000 after acquiring an additional 9,482 shares during the period. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

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.