Miller Industries (NYSE:MLR) Sees Strong Trading Volume – Time to Buy?

Shares of Miller Industries, Inc. (NYSE:MLR) saw an uptick in trading volume on Thursday . 106,291 shares changed hands during mid-day 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 Analysts Forecast Growth

A number of research analysts recently issued reports on the company. StockNews.com lowered Miller Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $82.00 target price on shares of Miller Industries in a report on Friday, November 15th.

Miller Industries Stock Performance

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

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

Miller Industries Dividend Announcement

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

Hedge Funds Weigh In On Miller Industries

Several large investors have recently made changes to their positions in the business. R Squared Ltd bought a new position in Miller Industries during the 4th quarter valued at approximately $36,000. Point72 DIFC Ltd increased its holdings in shares of Miller Industries by 146.9% during the second quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock valued at $55,000 after acquiring an additional 595 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Miller Industries in the 3rd quarter worth about $195,000. Lakewood Asset Management LLC bought a new position in Miller Industries in the 3rd quarter worth about $250,000. Finally, Yorktown Management & Research Co Inc purchased a new stake in Miller Industries during the 4th quarter valued at about $307,000. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

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.