Miller Industries (NYSE:MLR) Sees Strong Trading Volume

Shares of Miller Industries, Inc. (NYSE:MLR) saw strong trading volume on Wednesday . 57,939 shares changed hands during mid-day trading, a decline of 22% from the previous session’s volume of 74,427 shares.The stock last traded at $63.60 and had previously closed at $59.86.

Wall Street Analysts Forecast Growth

MLR has been the topic of several analyst reports. DA Davidson began coverage on shares of Miller Industries in a research report on Wednesday. They set a “buy” rating and a $82.00 price target on the stock. StockNews.com downgraded Miller Industries from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 12th.

Miller Industries Stock Up 3.8 %

The firm has a market capitalization of $712.63 million, a P/E ratio of 11.08 and a beta of 0.96. The firm’s 50 day moving average is $60.67 and its two-hundred day moving average is $56.97. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.08 and a quick ratio of 1.44.

Miller Industries (NYSE:MLR) last announced its quarterly earnings data on Wednesday, August 7th. The auto parts company reported $1.78 EPS for the quarter. The company had revenue of $371.45 million during the quarter. Miller Industries had a net margin of 5.55% and a return on equity of 20.16%.

Miller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 9th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.22%. The ex-dividend date was Monday, September 9th. Miller Industries’s dividend payout ratio is 13.26%.

Institutional Investors Weigh In On Miller Industries

A number of hedge funds and other institutional investors have recently modified their holdings of MLR. Innealta Capital LLC bought a new stake in shares of Miller Industries during the second quarter worth $39,000. Point72 DIFC Ltd raised its position in Miller Industries by 146.9% in the second quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock valued at $55,000 after purchasing an additional 595 shares during the last quarter. EntryPoint Capital LLC boosted its stake in shares of Miller Industries by 101.3% during the first quarter. EntryPoint Capital LLC now owns 1,814 shares of the auto parts company’s stock valued at $91,000 after purchasing an additional 913 shares in the last quarter. Voisard Asset Management Group Inc. acquired a new stake in Miller Industries during the 4th quarter worth approximately $107,000. Finally, Quest Partners LLC bought a new stake in Miller Industries during the 2nd quarter worth approximately $200,000. Institutional investors and hedge funds own 79.24% of the company’s stock.

About Miller Industries

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.