In a remarkable display of market resilience, Miller Industries Inc . (NYSE:MLR) stock has soared to a 52-week high, reaching a price level of $72.47 USD. This peak reflects a significant milestone for the company, marking a substantial upswing from its previous positions over the year. Investors have shown increased confidence in Miller Industries, as evidenced by the impressive 1-year change data, with the stock value surging by 94.5%. This robust growth trajectory underscores the company's strong performance and favorable market conditions that have propelled the stock to new heights.
In other recent news, Miller Industries reported robust Q2 2024 results, with revenue surging to $371.5 million, a 23.7% increase year-over-year, and gross profit climbing to $51.1 million, a 27.9% rise from Q2 2023. The company has also been added to DA Davidson's STAMPEDE list, a selection of stocks with potential upside. Amidst these developments, Miller Industries has been the subject of an activist campaign proposing significant changes, including alterations to the board and business practices, and even a potential sale of the company. In response, the company has increased its dividend and initiated a new share repurchase program. DA Davidson maintains a BUY rating for Miller Industries, setting a price target of $82, and views the ongoing activist campaign neutrally. The firm also initiated coverage on Miller Industries, noting its strong performance and robust free cash flow yield exceeding 10%. Despite a slight increase in the effective tax rate and higher interest expenses, the company's international business remains strong, contributing approximately 10% of total sales.
InvestingPro Insights
Miller Industries' recent stock performance aligns with several key metrics and insights from InvestingPro. The company's market cap stands at $853.42 million USD, reflecting its solid position in the market. With a P/E ratio of 11.08, Miller Industries is trading at an attractive valuation relative to its earnings, particularly when considering its impressive revenue growth of 27.44% over the last twelve months.
InvestingPro Tips highlight that Miller Industries is trading near its 52-week high, corroborating the article's main point. Additionally, the company has maintained dividend payments for 15 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by a current dividend yield of 1.1%.
The stock's remarkable performance is also evident in its total returns, with a 28.41% increase over the past six months and an impressive 89.34% over the last year. These figures align closely with the 94.5% 1-year change mentioned in the article.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for Miller Industries, providing a deeper understanding of the company's financial health and market position.
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