Miller Industries (NYSE:MLR) Cut to Hold at StockNews.com

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

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

Miller Industries Stock Performance

NYSE:MLR opened at $67.39 on Wednesday. The company has a 50-day moving average of $63.64 and a 200-day moving average of $60.45. The firm has a market cap of $771.62 million, a price-to-earnings ratio of 11.26 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. Miller Industries has a twelve month low of $38.33 and a twelve month high of $78.25.

Hedge Funds Weigh In On Miller Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its stake in Miller Industries by 62.7% in the 1st quarter. BNP Paribas Financial Markets now owns 11,762 shares of the auto parts company’s stock worth $589,000 after acquiring an additional 4,534 shares in the last quarter. Hillsdale Investment Management Inc. lifted its position in shares of Miller Industries by 1,404.6% in the first quarter. Hillsdale Investment Management Inc. now owns 57,173 shares of the auto parts company’s stock worth $2,864,000 after purchasing an additional 53,373 shares in the last quarter. EntryPoint Capital LLC boosted its holdings in shares of 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 purchasing an additional 913 shares during the period. Quadrature Capital Ltd grew its position in Miller Industries by 13.6% during the first quarter. Quadrature Capital Ltd now owns 22,346 shares of the auto parts company’s stock valued at $1,118,000 after purchasing an additional 2,677 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its stake 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. Institutional investors and hedge funds own 79.24% of the company’s stock.

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.