Miller Industries (NYSE:MLR) Share Price Crosses Above 200-Day Moving Average – Time to Sell?

Miller Industries, Inc. (NYSE:MLR) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $40.20 and traded as high as $44.18. Miller Industries shares last traded at $43.3050, with a volume of 39,310 shares changing hands.

Analysts Set New Price Targets

Several analysts have commented on MLR shares. Loop Capital set a $46.00 target price on shares of Miller Industries in a research note on Monday, November 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $55.00.

Miller Industries Price Performance

The company’s 50 day moving average price is $40.43 and its 200-day moving average price is $40.20. The company has a current ratio of 3.46, a quick ratio of 2.13 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $494.98 million, a PE ratio of 16.66 and a beta of 1.25.

Institutional Investors Weigh In On Miller Industries

Several institutional investors have recently bought and sold shares of the business. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Miller Industries by 22.0% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 566,171 shares of the auto parts company’s stock valued at $22,885,000 after acquiring an additional 101,973 shares during the period. Systematic Financial Management LP increased its holdings in Miller Industries by 2.1% in the 4th quarter. Systematic Financial Management LP now owns 440,596 shares of the auto parts company’s stock valued at $16,465,000 after purchasing an additional 9,170 shares in the last quarter. First Wilshire Securities Management Inc. raised its position in Miller Industries by 980.1% in the fourth quarter. First Wilshire Securities Management Inc. now owns 298,801 shares of the auto parts company’s stock valued at $11,166,000 after purchasing an additional 271,136 shares during the period. Geode Capital Management LLC raised its position in Miller Industries by 2.6% in the second quarter. Geode Capital Management LLC now owns 288,809 shares of the auto parts company’s stock valued at $12,842,000 after purchasing an additional 7,252 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Miller Industries by 64.9% during the first quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock worth $12,160,000 after purchasing an additional 112,925 shares in the last quarter. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

About Miller Industries

Miller Industries, Inc is a leading designer, engineer and manufacturer of towing and recovery vehicles and related equipment. The company’s product portfolio includes light-, medium- and heavy-duty tow trucks, integrated carriers, rotators, wreckers, trailers and associated hydraulic and electronic components. These products are marketed under well-known brand names, including Miller, Century, Holmes, Vulcan, Chevron and Jige International, serving a broad spectrum of customers in the towing, recovery, roadside assistance and vehicle transport industries.

Headquartered in Ooltewah, Tennessee, Miller Industries was founded in the early 1990s and has grown into a global supplier of towing and recovery solutions.