Miller Industries (NYSE:MLR) Issues Quarterly Earnings Results, Beats Estimates By $0.27 EPS

Miller Industries (NYSE:MLR) announced its earnings results on Wednesday. The auto parts company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.27, FiscalAI reports. The business had revenue of $239.99 million for the quarter, compared to the consensus estimate of $210.80 million. Miller Industries had a net margin of 2.08% and a return on equity of 3.70%.

Miller Industries Trading Down 0.5%

Shares of MLR traded down $0.26 during midday trading on Wednesday, hitting $50.56. The stock had a trading volume of 92,644 shares, compared to its average volume of 67,426. 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 has a market cap of $576.37 million, a PE ratio of 37.73 and a beta of 1.11. Miller Industries has a 1 year low of $33.81 and a 1 year high of $52.93. The stock’s 50 day moving average is $49.63 and its 200 day moving average is $46.64.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its position in shares of Miller Industries by 66.5% during the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock valued at $37,000 after buying an additional 329 shares during the last quarter. Russell Investments Group Ltd. grew its position in 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 valued at $46,000 after buying an additional 1,001 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Miller Industries during the 2nd quarter valued at approximately $125,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Miller Industries in the 3rd quarter worth about $159,000. Finally, Strs Ohio purchased a new position in Miller Industries in the 1st quarter valued at $182,000. Institutional investors own 79.24% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on MLR shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a report on Wednesday, June 24th. DA Davidson raised their price objective on Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Zacks Research upgraded shares of Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $50.00.

Miller Industries Company Profile

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.