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

StockNews.com downgraded shares of Miller Industries (NYSE:MLR) from a buy rating to a hold rating in a research note published on Wednesday morning.

Separately, DA Davidson initiated 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 $66.16 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.12 and a quick ratio of 1.44. The company has a fifty day moving average price of $63.98 and a 200-day moving average price of $60.61. Miller Industries has a 1 year low of $38.33 and a 1 year high of $78.25. The firm has a market cap of $756.87 million, a price-to-earnings ratio of 10.97 and a beta of 0.94.

Miller Industries (NYSE:MLR) last released its earnings results on Tuesday, November 12th. The auto parts company reported $1.33 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.33. The firm had revenue of $314.27 million for the quarter. Miller Industries had a net margin of 5.23% and a return on equity of 18.76%. During the same quarter in the previous year, the firm earned $1.52 earnings per share. As a group, equities research analysts predict that Miller Industries will post 5.68 EPS for the current fiscal year.

Miller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.76 annualized dividend and a yield of 1.15%. Miller Industries’s payout ratio is presently 12.60%.

Institutional Investors Weigh In On Miller Industries

A number of hedge funds have recently made changes to their positions in MLR. FMR LLC lifted its holdings in Miller Industries by 10.2% in the 3rd quarter. FMR LLC now owns 766,623 shares of the auto parts company’s stock worth $46,764,000 after buying an additional 71,231 shares during the period. Royce & Associates LP grew its stake in Miller Industries by 12.9% in the third quarter. Royce & Associates LP now owns 496,528 shares of the auto parts company’s stock worth $30,288,000 after purchasing an additional 56,578 shares during the period. Systematic Financial Management LP raised its holdings in Miller Industries by 2.0% in the third quarter. Systematic Financial Management LP now owns 395,159 shares of the auto parts company’s stock worth $24,105,000 after purchasing an additional 7,586 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Miller Industries by 11.3% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 367,793 shares of the auto parts company’s stock valued at $22,435,000 after buying an additional 37,480 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Miller Industries by 4.3% in the 3rd quarter. State Street Corp now owns 230,828 shares of the auto parts company’s stock worth $14,081,000 after acquiring an additional 9,482 shares in the last quarter. 79.24% of the stock is currently owned by institutional investors.

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.