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

Miller Industries (NYSE:MLR) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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

Miller Industries Stock Down 10.4 %

Shares of MLR traded down $7.99 during midday trading on Wednesday, reaching $68.64. The stock had a trading volume of 274,021 shares, compared to its average volume of 75,739. The company’s fifty day simple moving average is $63.43 and its two-hundred day simple moving average is $60.39. 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 company has a market cap of $785.93 million, a price-to-earnings ratio of 11.38 and a beta of 0.94. Miller Industries has a 1-year low of $38.33 and a 1-year high of $78.25.

Institutional Trading of Miller Industries

Large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets raised its stake in shares of 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 buying an additional 4,534 shares in the last quarter. Hillsdale Investment Management Inc. lifted its holdings in Miller Industries by 1,404.6% in the 1st 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 during the last quarter. EntryPoint Capital LLC grew its position in shares of Miller Industries by 101.3% in the first quarter. EntryPoint Capital LLC now owns 1,814 shares of the auto parts company’s stock valued at $91,000 after purchasing an additional 913 shares during the last quarter. Quadrature Capital Ltd lifted its holdings in shares of Miller Industries by 13.6% during the first quarter. Quadrature Capital Ltd now owns 22,346 shares of the auto parts company’s stock worth $1,118,000 after buying an additional 2,677 shares during the last quarter. Finally, Kennedy Capital Management LLC raised its position in shares of Miller Industries by 2.4% during the first 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 last quarter. Institutional investors and hedge funds own 79.24% of the company’s stock.

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.