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

Miller Industries (NYSE:MLR - Get Free Report) was downgraded by investment 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 Miller Industries in a research report on Wednesday, October 2nd. They set a "buy" rating and a $82.00 price objective for the company.

Miller Industries Stock Performance

Shares of NYSE:MLR traded up $2.11 during trading on Tuesday, hitting $69.17. The company's stock had a trading volume of 50,852 shares, compared to its average volume of 74,106. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.08 and a quick ratio of 1.44. The firm has a market cap of $792.00 million, a price-to-earnings ratio of 11.12 and a beta of 0.94. Miller Industries has a 12 month low of $36.57 and a 12 month high of $69.75. The company has a 50-day moving average of $61.90 and a 200-day moving average of $59.47.

Miller Industries (NYSE:MLR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The auto parts company reported $1.78 EPS for the quarter. Miller Industries had a return on equity of 20.16% and a net margin of 5.55%. 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.

Institutional Investors Weigh In On Miller Industries

Several hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new position in shares of Miller Industries during the second quarter valued at approximately $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 boosted its position in Miller Industries by 101.3% during the first quarter. EntryPoint Capital LLC now owns 1,814 shares of the auto parts company's stock worth $91,000 after acquiring an additional 913 shares during the last quarter. Quest Partners LLC purchased a new stake in Miller Industries during the 2nd quarter valued at about $200,000. Finally, Lakewood Asset Management LLC acquired a new stake in Miller Industries in the 3rd quarter valued at about $250,000. 79.24% of the stock is owned by hedge funds and other 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.