Miller Industries (NYSE:MLR) Shares Gap Down - Time to Sell?

Miller Industries, Inc. (NYSE:MLR - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $54.87, but opened at $43.83. Miller Industries shares last traded at $44.72, with a volume of 183,668 shares.

Analysts Set New Price Targets

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

Miller Industries Price Performance

The firm has a market capitalization of $536.27 million, a P/E ratio of 7.77 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 fifty day simple moving average is $63.07 and its 200 day simple moving average is $64.80.

Miller Industries Increases Dividend

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

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Institutional Investors Weigh In On Miller Industries

A number of large investors have recently modified their holdings of the business. Verition Fund Management LLC grew its stake in shares of Miller Industries by 3.5% during the third quarter. Verition Fund Management LLC now owns 5,773 shares of the auto parts company's stock worth $352,000 after acquiring an additional 194 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Miller Industries by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,312 shares of the auto parts company's stock worth $413,000 after acquiring an additional 225 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Miller Industries by 5.5% during the fourth quarter. Hsbc Holdings PLC now owns 4,955 shares of the auto parts company's stock worth $326,000 after acquiring an additional 260 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Miller Industries by 5.2% during the fourth 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 last quarter. Finally, Redmont Wealth Advisors LLC grew its stake in shares of Miller Industries by 2.3% during the fourth quarter. Redmont Wealth Advisors LLC now owns 12,392 shares of the auto parts company's stock worth $810,000 after acquiring an additional 282 shares during the last quarter. Hedge funds and other institutional investors own 79.24% of the company's stock.

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.