Miller Industries (NYSE:MLR) Stock Rating Lowered by StockNews.com

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

Separately, DA Davidson initiated 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 on the stock.

Miller Industries Trading Up 8.6 %

NYSE:MLR opened at $75.12 on Tuesday. The firm has a 50 day moving average of $62.18 and a 200 day moving average of $59.58. The stock has a market capitalization of $860.12 million, a price-to-earnings ratio of 12.08 and a beta of 0.94. Miller Industries has a 52 week low of $36.57 and a 52 week high of $76.26. The company has a quick ratio of 1.44, a current ratio of 2.08 and a debt-to-equity ratio of 0.18.

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

Institutional Trading of Miller Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in Miller Industries during the second quarter valued at $39,000. Point72 DIFC Ltd lifted its stake in shares of Miller Industries by 146.9% in the second quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock worth $55,000 after buying an additional 595 shares in the last quarter. EntryPoint Capital LLC lifted its stake in shares of Miller Industries by 101.3% in the first quarter. EntryPoint Capital LLC now owns 1,814 shares of the auto parts company’s stock worth $91,000 after buying an additional 913 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Miller Industries in the second quarter worth about $200,000. Finally, Lakewood Asset Management LLC purchased a new position in Miller Industries during the third quarter worth about $250,000. Institutional investors and hedge funds own 79.24% of the company’s stock.

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.