Miller Industries (NYSE:MLR) Shares Gap Down – Should You Sell?

Miller Industries, Inc. (NYSE:MLR) shares gapped down before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MLR. DA Davidson restated a “buy” rating and set a $82.00 target price on shares of Miller Industries in a research note on Friday, November 15th. StockNews.com cut shares of Miller Industries from a “buy” rating to a “hold” rating in a research note on Wednesday, November 13th.

Miller Industries Stock Performance

The company has a market cap of $547.53 million, a PE ratio of 7.94 and a beta of 0.96. The company has a current ratio of 2.12, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $63.43 and its two-hundred day moving average is $64.82.

Miller Industries Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 17th will be paid a $0.20 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.80 annualized dividend and a yield of 1.67%. This is a boost from Miller Industries’s previous quarterly dividend of $0.19. Miller Industries’s payout ratio is presently 13.84%.

Institutional Trading of Miller Industries

Several hedge funds have recently bought and sold shares of the stock. Sovereign s Capital Management LLC purchased a new stake in Miller Industries in the 4th quarter worth $1,132,000. Squarepoint Ops LLC increased its holdings in shares of Miller Industries by 11.8% in the 4th quarter. Squarepoint Ops LLC now owns 21,534 shares of the auto parts company’s stock worth $1,407,000 after buying an additional 2,273 shares during the last quarter. Two Sigma Advisers LP increased its holdings in shares of Miller Industries by 79.7% in the 4th quarter. Two Sigma Advisers LP now owns 12,400 shares of the auto parts company’s stock worth $810,000 after buying an additional 5,500 shares during the last quarter. Two Sigma Investments LP increased its holdings in shares of Miller Industries by 186.9% in the 4th quarter. Two Sigma Investments LP now owns 13,340 shares of the auto parts company’s stock worth $872,000 after buying an additional 8,691 shares during the last quarter. Finally, Systematic Financial Management LP increased its holdings in shares of Miller Industries by 2.0% in the 4th quarter. Systematic Financial Management LP now owns 403,191 shares of the auto parts company’s stock worth $26,353,000 after buying an additional 8,032 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.