Miller Industries (NYSE:MLR) Sees Strong Trading Volume - Here's What Happened

Miller Industries, Inc. (NYSE:MLR - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 106,291 shares were traded during mid-day trading, an increase of 41% from the previous session's volume of 75,504 shares.The stock last traded at $69.70 and had previously closed at $68.11.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MLR. StockNews.com downgraded shares of Miller Industries from a "buy" rating to a "hold" rating in a research report on Wednesday, November 13th. DA Davidson reissued a "buy" rating and issued a $82.00 price target on shares of Miller Industries in a report on Friday, November 15th.

Miller Industries Trading Down 2.7 %

The stock has a market cap of $734.24 million, a PE ratio of 10.64 and a beta of 0.98. The business's fifty day moving average is $68.89 and its 200 day moving average is $65.23. The company has a quick ratio of 1.46, a current ratio of 2.12 and a debt-to-equity ratio of 0.16.

Miller Industries (NYSE:MLR - Get Free Report) last posted its earnings results on Tuesday, November 12th. The auto parts company reported $1.33 earnings per share for the quarter, meeting the consensus estimate of $1.33. Miller Industries had a net margin of 5.23% and a return on equity of 18.76%. The firm had revenue of $314.27 million during the quarter. During the same quarter last year, the business posted $1.52 earnings per share. As a group, analysts predict that Miller Industries, Inc. will post 5.68 earnings per share for the current year.

Miller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Monday, December 2nd were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend was Monday, December 2nd. Miller Industries's payout ratio is currently 12.60%.

Institutional Trading of Miller Industries

Hedge funds have recently added to or reduced their stakes in the business. Verition Fund Management LLC lifted its holdings in Miller Industries by 3.5% in the 3rd quarter. Verition Fund Management LLC now owns 5,773 shares of the auto parts company's stock worth $352,000 after buying an additional 194 shares in the last quarter. Cubist Systematic Strategies LLC increased its stake in Miller Industries by 2.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,220 shares of the auto parts company's stock valued at $452,000 after buying an additional 201 shares during the period. SG Americas Securities LLC lifted its stake in shares of Miller Industries by 5.2% in the 4th quarter. SG Americas Securities LLC now owns 5,423 shares of the auto parts company's stock worth $354,000 after acquiring an additional 270 shares during the period. Redmont Wealth Advisors LLC boosted its holdings in shares of Miller Industries by 2.3% in the fourth quarter. Redmont Wealth Advisors LLC now owns 12,392 shares of the auto parts company's stock valued at $810,000 after acquiring an additional 282 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its stake in shares of Miller Industries by 1.4% during the fourth quarter. Harbor Capital Advisors Inc. now owns 21,775 shares of the auto parts company's stock valued at $1,423,000 after acquiring an additional 295 shares during the period. 79.24% of the stock is owned by institutional investors and hedge funds.

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.