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

Miller Industries, Inc. (NYSE:MLR) saw unusually-strong trading volume on Thursday . Approximately 106,291 shares were traded during trading, an increase of 41% from the previous session’s volume of 75,504 shares.The stock last traded at $69.70 and had previously closed at $68.11.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MLR shares. DA Davidson reissued a “buy” rating and set a $82.00 price objective on shares of Miller Industries in a report on Friday, November 15th. StockNews.com lowered shares of Miller Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, November 13th.

Miller Industries Price Performance

The firm has a 50-day simple moving average of $68.97 and a 200-day simple moving average of $65.13. The firm has a market capitalization of $786.81 million, a PE ratio of 11.44 and a beta of 0.98. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.12 and a quick ratio of 1.46.

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

Miller Industries Announces Dividend

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. The ex-dividend date was Monday, December 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.11%. Miller Industries’s dividend payout ratio (DPR) is 12.60%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MLR. Verition Fund Management LLC lifted its stake in shares of Miller Industries by 3.5% during the 3rd quarter. Verition Fund Management LLC now owns 5,773 shares of the auto parts company’s stock valued at $352,000 after buying an additional 194 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in Miller Industries by 2.5% during the second quarter. Cubist Systematic Strategies LLC now owns 8,220 shares of the auto parts company’s stock valued at $452,000 after acquiring an additional 201 shares during the period. SG Americas Securities LLC lifted its position in shares of Miller Industries by 5.2% in the fourth quarter. SG Americas Securities LLC now owns 5,423 shares of the auto parts company’s stock valued at $354,000 after acquiring an additional 270 shares in the last quarter. Redmont Wealth Advisors LLC boosted its stake in shares of Miller Industries by 2.3% in the fourth quarter. Redmont Wealth Advisors LLC now owns 12,392 shares of the auto parts company’s stock worth $810,000 after acquiring an additional 282 shares during the period. Finally, Harbor Capital Advisors Inc. grew its position in shares of Miller Industries by 1.4% during the fourth quarter. Harbor Capital Advisors Inc. now owns 21,775 shares of the auto parts company’s stock worth $1,423,000 after purchasing an additional 295 shares in the last quarter. 79.24% of the stock is 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.