Miller Industries, Inc. Plans Quarterly Dividend of $0.19 (NYSE:MLR)

Miller Industries, Inc. (NYSE:MLR) announced a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Shareholders of record on Monday, December 2nd will be given a dividend of 0.19 per share by the auto parts company on Monday, December 9th. This represents a $0.76 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date is Monday, December 2nd.

Miller Industries has a dividend payout ratio of 12.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Miller Industries to earn $5.90 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 12.9%.

Miller Industries Trading Down 10.4 %

Shares of NYSE:MLR traded down $7.99 during midday trading on Wednesday, hitting $68.64. The company had a trading volume of 274,020 shares, compared to its average volume of 75,739. The firm has a fifty day simple moving average of $63.07 and a 200 day simple moving average of $60.20. The stock has a market cap of $785.93 million, a price-to-earnings ratio of 10.96 and a beta of 0.94. The company has a current ratio of 2.08, a quick ratio of 1.44 and a debt-to-equity ratio of 0.18. Miller Industries has a 12 month low of $38.33 and a 12 month high of $78.25.

Wall Street Analysts Forecast Growth

MLR has been the topic of a number of analyst reports. DA Davidson began coverage on shares of Miller Industries in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $82.00 price target on the stock. StockNews.com lowered shares of Miller Industries from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th.

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.