Miller Industries (NYSE:MLR) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Miller Industries (NYSE:MLR) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

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

Miller Industries Price Performance

Shares of Miller Industries stock opened at $69.17 on Tuesday. The firm has a fifty day simple moving average of $61.90 and a 200-day simple moving average of $59.47. The company has a current ratio of 2.08, a quick ratio of 1.44 and a debt-to-equity ratio of 0.18. Miller Industries has a 1-year low of $36.57 and a 1-year high of $69.75. The stock has a market capitalization of $792.00 million, a price-to-earnings ratio of 11.12 and a beta of 0.94.

Miller Industries (NYSE:MLR) last issued its quarterly earnings data 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, sell-side analysts expect that Miller Industries will post 5.6 earnings per share for the current year.

Hedge Funds Weigh In On Miller Industries

Several large investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC raised its stake in Miller Industries by 2.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,220 shares of the auto parts company’s stock valued at $452,000 after purchasing an additional 201 shares during the last quarter. Ellsworth Advisors LLC increased its holdings in Miller Industries by 3.6% in the 3rd quarter. Ellsworth Advisors LLC now owns 11,842 shares of the auto parts company’s stock valued at $722,000 after buying an additional 411 shares during the period. Point72 DIFC Ltd increased its holdings in Miller Industries by 146.9% in the 2nd quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock valued at $55,000 after buying an additional 595 shares during the period. Innealta Capital LLC bought a new stake in Miller Industries in the 2nd quarter valued at $39,000. Finally, Kennedy Capital Management LLC increased its holdings in Miller Industries by 2.4% in the 1st quarter. Kennedy Capital Management LLC now owns 36,707 shares of the auto parts company’s stock valued at $1,839,000 after buying an additional 853 shares during the period. 79.24% of the stock is currently owned by institutional investors and hedge funds.

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.