Miller Industries, Inc. (NYSE:MLR) Raises Dividend to $0.20 Per Share

Miller Industries, Inc. (NYSE:MLR - Get Free Report) announced a quarterly dividend on Wednesday, March 5th, Wall Street Journal reports. Stockholders of record on Monday, March 17th will be given a dividend of 0.20 per share by the auto parts company on Monday, March 24th. This represents a $0.80 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Monday, March 17th. This is a 5.3% increase from Miller Industries's previous quarterly dividend of $0.19.

Miller Industries has raised its dividend by an average of 1.8% per year over the last three years. Miller Industries has a payout ratio of 11.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Miller Industries to earn $5.94 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 13.5%.

Miller Industries Stock Performance

Shares of MLR traded up $0.24 on Monday, reaching $48.06. The company's stock had a trading volume of 104,749 shares, compared to its average volume of 85,133. Miller Industries has a 12-month low of $41.38 and a 12-month high of $78.25. The stock has a market capitalization of $549.71 million, a P/E ratio of 7.96 and a beta of 0.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.12 and a quick ratio of 1.46. The stock's 50 day simple moving average is $63.43 and its two-hundred day simple moving average is $64.89.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. StockNews.com downgraded Miller Industries from a "buy" rating to a "hold" rating in a research note on Wednesday, November 13th. DA Davidson reaffirmed a "buy" rating and set a $82.00 price target on shares of Miller Industries in a research note on Friday, November 15th.

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Miller Industries Company Profile

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.