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

Miller Industries, Inc. (NYSE:MLR) shares saw unusually-strong trading volume on Wednesday . Approximately 82,753 shares changed 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.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MLR shares. DA Davidson reaffirmed a “buy” rating and issued a $82.00 price target on shares of Miller Industries in a research report on Friday, November 15th. StockNews.com downgraded shares of Miller Industries from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th.

Miller Industries Stock Up 0.9 %

The company’s fifty day moving average is $69.08 and its 200-day moving average is $64.57. The company has a market cap of $785.24 million, a PE ratio of 11.38 and a beta of 0.98. The company has a quick ratio of 1.46, a current ratio of 2.12 and a debt-to-equity ratio of 0.16.

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

Miller Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, December 2nd were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend was Monday, December 2nd. Miller Industries’s dividend payout ratio (DPR) is presently 12.60%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 DIFC Ltd grew its stake in shares of Miller Industries by 146.9% during the 2nd quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock worth $55,000 after purchasing an additional 595 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Miller Industries during the 3rd quarter valued at approximately $195,000. Lakewood Asset Management LLC purchased a new position in shares of Miller Industries during the 3rd quarter valued at approximately $250,000. SG Americas Securities LLC lifted its stake in Miller Industries by 84.8% during the third quarter. SG Americas Securities LLC now owns 5,153 shares of the auto parts company’s stock worth $314,000 after purchasing an additional 2,364 shares during the last quarter. Finally, Verition Fund Management LLC lifted its stake in Miller Industries by 3.5% in the third 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 during the last quarter. Hedge funds and other institutional investors own 79.24% of the company’s stock.

Miller Industries Company Profile

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.