Miller Industries, Inc. (MLR) to Issue Quarterly Dividend of $0.20 on March 24th

Miller Industries, Inc. (NYSE:MLR) announced a quarterly dividend on Wednesday, March 5th, Wall Street Journal reports. Stockholders of record on Monday, March 17th will be paid a dividend of 0.20 per share by the auto parts company on Monday, March 24th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Monday, March 17th. This is a 5.3% increase from Miller Industries’s previous quarterly dividend of $0.19.

Miller Industries has raised its dividend payment by an average of 1.8% annually over the last three years. Miller Industries has a payout ratio of 11.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Miller Industries to earn $5.94 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 13.5%.

Miller Industries Price Performance

Shares of MLR opened at $44.79 on Friday. The company has a market cap of $512.30 million, a price-to-earnings ratio of 7.43 and a beta of 0.96. Miller Industries has a 1-year low of $41.38 and a 1-year high of $78.25. The company’s fifty day simple moving average is $61.41 and its 200 day simple moving average is $64.28. The company has a current ratio of 2.12, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16.

Analyst Ratings Changes

Separately, DA Davidson reiterated a “buy” rating and issued a $82.00 price objective on shares of Miller Industries in a report on Friday, November 15th.

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.