Miller Industries (NYSE:MLR) Stock Price Down 8% – Should You Sell?

Miller Industries, Inc. (NYSE:MLR) fell 8% on Wednesday . The stock traded as low as $70.50 and last traded at $70.50. 54,899 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 74,704 shares. The stock had previously closed at $76.63.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MLR. StockNews.com cut shares of Miller Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, November 5th. DA Davidson started coverage on shares of 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 Stock Down 13.7 %

The business’s fifty day simple moving average is $63.07 and its 200 day simple moving average is $60.20. The stock has a market cap of $756.96 million, a price-to-earnings ratio of 11.69 and a beta of 0.94. The company has a current ratio of 2.08, a quick ratio of 1.44 and a debt-to-equity ratio of 0.18.

Institutional Investors Weigh In On Miller Industries

Several institutional investors have recently added to or reduced their stakes in MLR. Innealta Capital LLC acquired a new position in Miller Industries in the 2nd quarter valued at about $39,000. Point72 DIFC Ltd grew its position in shares of Miller Industries by 146.9% during the 2nd quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock worth $55,000 after purchasing an additional 595 shares in the last quarter. EntryPoint Capital LLC grew its position in shares of Miller Industries by 101.3% during the 1st quarter. EntryPoint Capital LLC now owns 1,814 shares of the auto parts company’s stock worth $91,000 after purchasing an additional 913 shares in the last quarter. Quest Partners LLC acquired a new position in shares of Miller Industries during the 2nd quarter worth approximately $200,000. Finally, Lakewood Asset Management LLC acquired a new position in shares of Miller Industries during the 3rd quarter worth approximately $250,000. 79.24% of the stock is owned by institutional investors.

About Miller Industries

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.