Miller Industries (NYSE:MLR) Earns Buy Rating from Analysts at DA Davidson

DA Davidson assumed coverage on shares of Miller Industries (NYSE:MLR) in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The firm issued a buy rating and a $82.00 target price on the auto parts company’s stock. DA Davidson also issued estimates for Miller Industries’ Q3 2024 earnings at $1.33 EPS, FY2024 earnings at $5.60 EPS and FY2025 earnings at $5.90 EPS.

Separately, StockNews.com lowered Miller Industries from a strong-buy rating to a buy rating in a research report on Friday, July 12th.

Miller Industries Stock Performance

NYSE:MLR opened at $61.97 on Wednesday. The stock’s 50-day moving average is $60.48 and its 200-day moving average is $57.15. Miller Industries has a 1-year low of $34.96 and a 1-year high of $69.75. The company has a current ratio of 2.08, a quick ratio of 1.44 and a debt-to-equity ratio of 0.18. The stock has a market cap of $710.80 million, a P/E ratio of 10.82 and a beta of 0.96.

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

Miller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Monday, September 9th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.23%. The ex-dividend date was Monday, September 9th. Miller Industries’s payout ratio is presently 13.26%.

Institutional Investors Weigh In On Miller Industries

A number of institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC boosted its position in Miller Industries by 2.5% during the second quarter. Cubist Systematic Strategies LLC now owns 8,220 shares of the auto parts company’s stock valued at $452,000 after acquiring an additional 201 shares during the last quarter. Ellsworth Advisors LLC increased its holdings in Miller Industries by 4.9% in the second quarter. Ellsworth Advisors LLC now owns 11,431 shares of the auto parts company’s stock worth $629,000 after purchasing an additional 531 shares in the last quarter. Point72 DIFC Ltd lifted its stake 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 buying an additional 595 shares during the period. Innealta Capital LLC bought a new position in shares of Miller Industries during the 2nd quarter worth approximately $39,000. Finally, Kennedy Capital Management LLC grew its position in shares of Miller Industries by 2.4% during the 1st quarter. Kennedy Capital Management LLC now owns 36,707 shares of the auto parts company’s stock worth $1,839,000 after buying an additional 853 shares during the period. 79.24% of the stock is owned by institutional investors.

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.