Miller Industries (NYSE:MLR) Reaches New 52-Week High Following Dividend Announcement

Shares of Miller Industries, Inc. (NYSE:MLR) reached a new 52-week high during trading on Tuesday following a dividend announcement from the company. The company traded as high as $77.18 and last traded at $77.18, with a volume of 2332 shares changing hands. The stock had previously closed at $76.87.

The newly announced dividend which will be paid on Monday, December 9th. Shareholders of record on Monday, December 2nd will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.11%. Miller Industries’s dividend payout ratio (DPR) is presently 12.60%.

Analyst Ratings Changes

MLR has been the topic of several recent analyst reports. StockNews.com lowered Miller Industries from a “buy” rating to a “hold” rating in a research note on Wednesday. DA Davidson began coverage on shares of Miller Industries in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $82.00 price target for the company.

Miller Industries Trading Down 10.4 %

The company has a debt-to-equity ratio of 0.18, a current ratio of 2.08 and a quick ratio of 1.44. The firm has a fifty day simple moving average of $63.43 and a 200-day simple moving average of $60.39. The firm has a market cap of $785.93 million, a P/E ratio of 11.38 and a beta of 0.94.

Hedge Funds Weigh In On Miller Industries

A number of institutional investors have recently modified their holdings of MLR. Innealta Capital LLC bought a new stake in Miller Industries during the 2nd quarter valued at $39,000. Point72 DIFC Ltd raised its stake in shares of Miller Industries by 146.9% in the second quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock worth $55,000 after purchasing an additional 595 shares during the last quarter. EntryPoint Capital LLC raised its position in Miller Industries by 101.3% in the 1st quarter. EntryPoint Capital LLC now owns 1,814 shares of the auto parts company’s stock valued at $91,000 after buying an additional 913 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Miller Industries in the second quarter valued at about $200,000. Finally, Lakewood Asset Management LLC purchased a new position in Miller Industries during the third quarter worth about $250,000. 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.