Miller Industries (NYSE:MLR) Shares Gap Down – What’s Next?

Miller Industries, Inc. (NYSE:MLR)’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 research firms have recently weighed in on MLR. StockNews.com downgraded shares of Miller Industries from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and set a $82.00 price target on shares of Miller Industries in a report on Friday, November 15th.

Miller Industries Price Performance

The company has a market capitalization of $547.53 million, a P/E ratio of 7.94 and a beta of 0.96. The firm’s fifty day moving average is $63.43 and its 200 day moving average is $64.82. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.46 and a current ratio of 2.12.

Miller Industries Increases Dividend

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

Hedge Funds Weigh In On Miller Industries

Hedge funds have recently added to or reduced their stakes in the stock. R Squared Ltd bought a new position in Miller Industries in the 4th quarter worth about $36,000. CANADA LIFE ASSURANCE Co bought a new position in Miller Industries in the 4th quarter worth about $85,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Miller Industries in the 4th quarter worth approximately $137,000. LSV Asset Management purchased a new stake in shares of Miller Industries in the 4th quarter worth approximately $176,000. Finally, Aquatic Capital Management LLC lifted its position in shares of Miller Industries by 75.9% in the 4th quarter. Aquatic Capital Management LLC now owns 2,814 shares of the auto parts company’s stock worth $184,000 after purchasing an additional 1,214 shares during the period. 79.24% of the stock is currently owned by 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.