Miller Industries (NYSE:MLR) Shares Gap Down – What’s Next?

Miller Industries, Inc. (NYSE:MLR) shares gapped down prior to trading on Monday . The stock had previously closed at $50.93, but opened at $49.17. Miller Industries shares last traded at $49.2820, with a volume of 2,248 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently weighed in on MLR. Weiss Ratings restated a “hold (c)” rating on shares of Miller Industries in a research report on Wednesday, June 24th. DA Davidson boosted their target price on Miller Industries from $53.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Finally, Zacks Research cut shares of Miller Industries from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.00.

Miller Industries Stock Down 2.7%

The company has a market capitalization of $545.68 million, a price-to-earnings ratio of 35.72 and a beta of 1.10. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.98 and a quick ratio of 1.78. The firm’s fifty day moving average price is $48.50 and its 200-day moving average price is $44.94.

Miller Industries (NYSE:MLR) last released its quarterly earnings data on Wednesday, May 6th. The auto parts company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.17). The firm had revenue of $180.86 million for the quarter, compared to analyst estimates of $181.10 million. Miller Industries had a net margin of 2.08% and a return on equity of 3.70%. Sell-side analysts expect that Miller Industries, Inc. will post 1.9 earnings per share for the current fiscal year.

Miller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Monday, June 1st were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Monday, June 1st. Miller Industries’s payout ratio is 62.69%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its holdings in Miller Industries by 66.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock worth $37,000 after acquiring an additional 329 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Miller Industries by 200.0% during the fourth quarter. IFP Advisors Inc now owns 906 shares of the auto parts company’s stock valued at $34,000 after acquiring an additional 604 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Miller Industries by 736.0% during the third quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock worth $46,000 after purchasing an additional 1,001 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Miller Industries in the second quarter worth $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Miller Industries in the third quarter worth $159,000. Institutional investors own 79.24% of the company’s stock.

About Miller Industries

Miller Industries, Inc is a leading designer, engineer and manufacturer of towing and recovery vehicles and related equipment. The company’s product portfolio includes light-, medium- and heavy-duty tow trucks, integrated carriers, rotators, wreckers, trailers and associated hydraulic and electronic components. These products are marketed under well-known brand names, including Miller, Century, Holmes, Vulcan, Chevron and Jige International, serving a broad spectrum of customers in the towing, recovery, roadside assistance and vehicle transport industries.

Headquartered in Ooltewah, Tennessee, Miller Industries was founded in the early 1990s and has grown into a global supplier of towing and recovery solutions.