Miller Industries (NYSE:MLR) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Miller Industries, Inc. (NYSE:MLR)’s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $40.80 and traded as high as $46.98. Miller Industries shares last traded at $45.75, with a volume of 139,897 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Miller Industries in a report on Friday, March 27th. Zacks Research downgraded shares of Miller Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 10th. Loop Capital set a $44.00 price target on shares of Miller Industries in a report on Monday, March 9th. Finally, DA Davidson increased their price target on shares of Miller Industries from $52.00 to $53.00 and gave the company a “buy” rating in a report on Monday, March 9th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Miller Industries currently has an average rating of “Hold” and an average price target of $48.50.

Miller Industries Trading Up 2.1%

The company has a current ratio of 3.22, a quick ratio of 1.87 and a debt-to-equity ratio of 0.07. The business’s fifty day simple moving average is $44.17 and its two-hundred day simple moving average is $40.90. The stock has a market capitalization of $531.99 million, a P/E ratio of 23.63 and a beta of 1.13.

Miller Industries (NYSE:MLR) last issued its quarterly earnings results on Wednesday, March 4th. The auto parts company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.26. The firm had revenue of $171.92 million during the quarter, compared to the consensus estimate of $164.20 million. Miller Industries had a net margin of 2.92% and a return on equity of 5.52%. As a group, analysts forecast that Miller Industries, Inc. will post 5.68 earnings per share for the current year.

Miller Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Monday, March 16th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Monday, March 16th. This is a positive change from Miller Industries’s previous quarterly dividend of $0.20. Miller Industries’s payout ratio is 42.42%.

Hedge Funds Weigh In On Miller Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Empowered Funds LLC lifted its holdings in shares of Miller Industries by 37.8% during the 4th quarter. Empowered Funds LLC now owns 38,370 shares of the auto parts company’s stock worth $1,434,000 after acquiring an additional 10,529 shares during the period. XTX Topco Ltd bought a new position in shares of Miller Industries during the 4th quarter worth about $526,000. Tudor Investment Corp ET AL lifted its holdings in shares of Miller Industries by 17.5% during the 4th quarter. Tudor Investment Corp ET AL now owns 46,446 shares of the auto parts company’s stock worth $1,736,000 after acquiring an additional 6,906 shares during the period. Millennium Management LLC lifted its holdings in shares of Miller Industries by 61.8% during the 4th quarter. Millennium Management LLC now owns 157,016 shares of the auto parts company’s stock worth $5,868,000 after acquiring an additional 59,963 shares during the period. Finally, Invenomic Capital Management LP lifted its holdings in shares of Miller Industries by 0.7% during the 4th quarter. Invenomic Capital Management LP now owns 110,707 shares of the auto parts company’s stock worth $4,137,000 after acquiring an additional 807 shares during the period. 79.24% of the stock is owned by institutional investors.

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.