Miller Industries (NYSE:MLR) Sets New 1-Year Low - Here's What Happened

Miller Industries, Inc. (NYSE:MLR - Get Free Report) hit a new 52-week low during trading on Friday . The company traded as low as $41.38 and last traded at $46.73, with a volume of 643299 shares changing hands. The stock had previously closed at $54.87.

Wall Street Analysts Forecast Growth

MLR has been the topic of a number of recent research reports. DA Davidson restated a "buy" rating and set a $82.00 price target on shares of Miller Industries in a research report on Friday, November 15th. StockNews.com lowered shares of Miller Industries from a "buy" rating to a "hold" rating in a research note on Wednesday, November 13th.

Miller Industries Trading Down 2.0 %

The company has a market capitalization of $536.27 million, a PE ratio of 7.77 and a beta of 0.96. The company has a fifty day simple moving average of $63.43 and a 200-day simple moving average of $64.89. The company has a current ratio of 2.12, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16.

Miller Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Monday, March 17th will be issued a $0.20 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.71%. This is a positive change from Miller Industries's previous quarterly dividend of $0.19. Miller Industries's dividend payout ratio is currently 13.84%.

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Hedge Funds Weigh In On Miller Industries

Institutional investors have recently bought and sold shares of the company. Royce & Associates LP increased its holdings in shares of Miller Industries by 29.8% during the 4th quarter. Royce & Associates LP now owns 644,607 shares of the auto parts company's stock worth $42,132,000 after buying an additional 148,079 shares during the last quarter. Portolan Capital Management LLC purchased a new position in Miller Industries in the fourth quarter worth approximately $9,366,000. FMR LLC increased its stake in Miller Industries by 10.2% during the third quarter. FMR LLC now owns 766,623 shares of the auto parts company's stock worth $46,764,000 after acquiring an additional 71,231 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Miller Industries by 193.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 92,955 shares of the auto parts company's stock valued at $5,670,000 after purchasing an additional 61,247 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC raised its position in Miller Industries by 11.3% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 367,793 shares of the auto parts company's stock valued at $22,435,000 after purchasing an additional 37,480 shares during the period. 79.24% of the stock is owned by hedge funds and other 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.