CHATTANOOGA, Tenn. - Miller Industries, Inc. (NYSE: MLR) has announced the launch of a new share repurchase initiative, with the company's Board of Directors authorizing a $25 million buyback program. This decision follows the company's reported robust financial performance in the previous year.
The CEO of Miller Industries, William G. Miller, II, stated that the move is part of a strategy to maximize shareholder value, following the company's increase of its quarterly dividend by 5.6% in the last quarter.
Miller Industries may repurchase shares through various means such as open market transactions, private deals, or other methods that comply with federal securities laws. The program's implementation will be at the management's discretion, based on factors including market conditions and the company's capital needs. There is no set expiration date for the program, and no minimum share purchase requirement. The program may be adjusted, paused, or stopped at any time without notice.
The authorization of this share repurchase program was influenced by the company's strong financial results for 2023, a solid macroeconomic environment, and consideration of the liquidity and capital requirements of the company and its subsidiaries.
Miller Industries is recognized as a leading manufacturer of towing and recovery equipment, marketing its products under various well-known brands such as Century, Vulcan, Chevron (NYSE:CVX), and others.
The information for this article is based on a press release statement from Miller Industries, Inc.
InvestingPro Insights
InvestingPro data reveals that Miller Industries, Inc. (NYSE: MLR) is currently trading at a low earnings multiple, with a Price-to-Earnings (P/E) ratio of 9.7, which is slightly higher than the adjusted P/E ratio for the last twelve months as of Q4 2023 at 9.78. This could indicate that the stock is potentially undervalued compared to its earnings, making it an attractive proposition for value investors.
The company's market capitalization stands at $568.05 million, reflecting its position in the market. Additionally, Miller Industries has shown a significant revenue growth of 35.94% over the last twelve months as of Q4 2023, an encouraging sign for potential investors looking for companies with strong sales trajectories.
One of the InvestingPro Tips for Miller Industries is its ability to maintain dividend payments for 15 consecutive years, which, combined with a recent 5.6% increase in its quarterly dividend, underscores the company's commitment to returning value to shareholders. Moreover, the company has demonstrated a strong return over the last three months, with a 20.01% price total return, highlighting its recent market performance.
For readers looking for more in-depth analysis and additional InvestingPro Tips, including insights into the company's gross profit margins and debt levels, visit https://www.investing.com/pro/MLR. There are 5 more tips available on InvestingPro, which can provide a more comprehensive view of Miller Industries' financial health. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, further enriching your investment research with valuable insights.
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