Miller Industries (NYSE:MLR) Shares Down 8% – Time to Sell?

Shares of Miller Industries, Inc. (NYSE:MLR) traded down 8% during trading on Wednesday . The stock traded as low as $70.50 and last traded at $70.50. 54,899 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 74,704 shares. The stock had previously closed at $76.63.

Analyst Ratings Changes

Several analysts recently weighed in on MLR shares. DA Davidson assumed coverage on shares of Miller Industries in a report on Wednesday, October 2nd. They issued a “buy” rating and a $82.00 target price for the company. StockNews.com cut Miller Industries from a “buy” rating to a “hold” rating in a research note on Wednesday.

Miller Industries Stock Down 1.8 %

The business’s fifty day moving average is $63.64 and its two-hundred day moving average is $60.45. The stock has a market cap of $770.94 million, a price-to-earnings ratio of 11.18 and a beta of 0.94. The company has a quick ratio of 1.44, a current ratio of 2.12 and a debt-to-equity ratio of 0.16.

Miller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, December 2nd will be paid a $0.19 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.13%. Miller Industries’s dividend payout ratio (DPR) is 12.60%.

Institutional Trading of Miller Industries

Several hedge funds have recently modified their holdings of the stock. FMR LLC increased its holdings in Miller Industries by 10.2% during the 3rd quarter. FMR LLC now owns 766,623 shares of the auto parts company’s stock worth $46,764,000 after purchasing an additional 71,231 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Miller Industries by 193.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 92,955 shares of the auto parts company’s stock worth $5,670,000 after buying an additional 61,247 shares during the period. Royce & Associates LP increased its stake in shares of Miller Industries by 12.9% during the third quarter. Royce & Associates LP now owns 496,528 shares of the auto parts company’s stock worth $30,288,000 after buying an additional 56,578 shares during the period. Hillsdale Investment Management Inc. raised its holdings in Miller Industries by 1,404.6% in the first quarter. Hillsdale Investment Management Inc. now owns 57,173 shares of the auto parts company’s stock valued at $2,864,000 after acquiring an additional 53,373 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in Miller Industries by 94.1% in the second quarter. Millennium Management LLC now owns 63,360 shares of the auto parts company’s stock worth $3,486,000 after acquiring an additional 30,714 shares during the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

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.