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

Miller Industries (NYSE:MLR) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released 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 price target on the stock.

Miller Industries Stock Up 2.1 %

Miller Industries stock traded up $1.31 during midday trading on Wednesday, hitting $64.09. 46,796 shares of the company were exchanged, compared to its average volume of 75,138. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.08 and a quick ratio of 1.44. Miller Industries has a fifty-two week low of $34.96 and a fifty-two week high of $69.75. The company’s fifty day moving average price is $60.09 and its 200-day moving average price is $57.92. The company has a market cap of $735.11 million, a PE ratio of 11.18 and a beta of 0.96.

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

Hedge Funds Weigh In On Miller Industries

Large investors have recently modified their holdings of the stock. Hillsdale Investment Management Inc. lifted its stake 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 worth $2,864,000 after purchasing an additional 53,373 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Miller Industries by 94.1% in the 2nd quarter. Millennium Management LLC now owns 63,360 shares of the auto parts company’s stock valued at $3,486,000 after buying an additional 30,714 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Miller Industries by 19.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 152,762 shares of the auto parts company’s stock valued at $7,653,000 after buying an additional 24,993 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Miller Industries during the second quarter worth about $1,079,000. Finally, GSA Capital Partners LLP bought a new position in Miller Industries in the first quarter worth about $688,000. Institutional investors 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.