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

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

Miller Industries Stock Performance

Miller Industries stock opened at $27.08 on Friday. The stock has a market cap of $309.17 million, a P/E ratio of 22.38 and a beta of 0.98. The firm’s fifty day moving average price is $23.78 and its 200-day moving average price is $23.81. Miller Industries has a fifty-two week low of $21.00 and a fifty-two week high of $36.94. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.50 and a current ratio of 2.55.

Hedge Funds Weigh In On Miller Industries

A number of large investors have recently added to or reduced their stakes in MLR. Franklin Resources Inc. raised its position in Miller Industries by 340.8% in the 2nd quarter. Franklin Resources Inc. now owns 289,316 shares of the auto parts company’s stock worth $6,559,000 after purchasing an additional 223,675 shares during the period. Advisory Research Inc. bought a new stake in Miller Industries in the 3rd quarter worth $2,631,000. Pacific Ridge Capital Partners LLC bought a new stake in Miller Industries in the 2nd quarter worth $2,604,000. Dean Investment Associates LLC bought a new stake in Miller Industries in the 2nd quarter worth $1,255,000. Finally, Systematic Financial Management LP grew its holdings in Miller Industries by 21.0% in the 1st quarter. Systematic Financial Management LP now owns 317,759 shares of the auto parts company’s stock worth $8,948,000 after acquiring an additional 55,160 shares during the last quarter. Hedge funds and other institutional investors own 80.63% of the company’s stock.

About Miller Industries

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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 flatbed vehicles with hydraulic tilt mechanisms, which are used to transport new or disabled vehicles and other equipment.

Further Reading

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