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

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

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

Miller Industries Stock Performance

Shares of MLR opened at $67.06 on Tuesday. The business’s fifty day moving average price is $61.75 and its 200 day moving average price is $59.33. Miller Industries has a 12-month low of $36.57 and a 12-month high of $69.75. The stock has a market capitalization of $768.11 million, a PE ratio of 10.78 and a beta of 0.94. 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 (NYSE:MLR) last announced its quarterly earnings data on Wednesday, August 7th. The auto parts company reported $1.78 earnings per share (EPS) for the quarter. Miller Industries had a return on equity of 20.16% and a net margin of 5.55%. The firm had revenue of $371.45 million for the quarter. Equities research analysts forecast that Miller Industries will post 5.6 EPS for the current year.

Institutional Investors Weigh In On Miller Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Global Investments bought a new stake in shares of Miller Industries during the third quarter valued at about $611,000. Principal Financial Group Inc. bought a new stake in shares of Miller Industries during the third quarter valued at about $496,000. Harbor Capital Advisors Inc. raised its stake in shares of Miller Industries by 125.3% during the third quarter. Harbor Capital Advisors Inc. now owns 21,480 shares of the auto parts company’s stock valued at $1,310,000 after purchasing an additional 11,945 shares in the last quarter. Narwhal Capital Management raised its stake in shares of Miller Industries by 31.2% during the third quarter. Narwhal Capital Management now owns 113,568 shares of the auto parts company’s stock valued at $6,928,000 after purchasing an additional 26,983 shares in the last quarter. Finally, Ellsworth Advisors LLC raised its stake in shares of Miller Industries by 3.6% during the third quarter. Ellsworth Advisors LLC now owns 11,842 shares of the auto parts company’s stock valued at $722,000 after purchasing an additional 411 shares in the last quarter. 79.24% of the stock is currently owned by institutional investors.

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.