Miller Industries (NYSE:MLR) Rating Lowered to Hold at StockNews.com

Miller Industries (NYSE:MLR) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

Separately, DA Davidson began coverage on Miller Industries in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $82.00 target price for the company.

Miller Industries Trading Up 2.1 %

Shares of NYSE MLR traded up $1.31 during midday trading on Wednesday, reaching $64.09. 46,796 shares of the stock were exchanged, compared to its average volume of 75,138. The stock has a 50 day moving average price of $60.09 and a 200-day moving average price of $57.92. The company has a current ratio of 2.08, a quick ratio of 1.44 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $735.11 million, a P/E ratio of 11.18 and a beta of 0.96. Miller Industries has a 52-week low of $34.96 and a 52-week high of $69.75.

Miller Industries (NYSE:MLR) last announced its earnings results on Wednesday, August 7th. The auto parts company reported $1.78 earnings per share (EPS) for the quarter. The firm had revenue of $371.45 million for the quarter. Miller Industries had a net margin of 5.55% and a return on equity of 20.16%. Equities research analysts expect that Miller Industries will post 5.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Miller Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. GSA Capital Partners LLP purchased a new position in shares of Miller Industries in the 1st quarter worth about $688,000. Susquehanna Fundamental Investments LLC purchased a new position in Miller Industries in the first quarter valued at approximately $439,000. Hillsdale Investment Management Inc. lifted its position in Miller Industries by 1,404.6% during 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 buying an additional 53,373 shares in the last quarter. AdvisorShares Investments LLC grew its stake in Miller Industries by 7.4% during the second quarter. AdvisorShares Investments LLC now owns 136,902 shares of the auto parts company’s stock worth $7,426,000 after buying an additional 9,384 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Miller Industries in the second quarter worth $468,000. Institutional investors and hedge funds own 79.24% of the company’s stock.

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.