Miller Industries (NYSE:MLR) Hits New 1-Year High – What’s Next?

Miller Industries, Inc. (NYSE:MLR) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $70.00 and last traded at $70.00, with a volume of 337 shares changing hands. The stock had previously closed at $69.18.

Analyst Ratings Changes

A number of analysts have issued reports on the company. DA Davidson assumed coverage on Miller Industries in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $82.00 target price for the company. StockNews.com downgraded Miller Industries from a “buy” rating to a “hold” rating in a research report on Tuesday.

Miller Industries Stock Up 9.0 %

The company has a quick ratio of 1.44, a current ratio of 2.08 and a debt-to-equity ratio of 0.18. The stock has a 50-day simple moving average of $61.90 and a 200-day simple moving average of $59.47. The firm has a market capitalization of $863.67 million, a PE ratio of 11.12 and a beta of 0.94.

Miller Industries (NYSE:MLR) last released its earnings results on Wednesday, August 7th. The auto parts company reported $1.78 earnings per share (EPS) for the quarter. Miller Industries had a return on equity of 20.16% and a net margin of 5.55%. The business had revenue of $371.45 million during the quarter. Analysts forecast that Miller Industries, Inc. will post 5.6 EPS for the current year.

Hedge Funds Weigh In On Miller Industries

A number of large investors have recently made changes to their positions in MLR. Royce & Associates LP boosted its holdings in shares of 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 acquiring an additional 56,578 shares during the period. Hillsdale Investment Management Inc. boosted its holdings 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 acquiring an additional 53,373 shares during the period. Millennium Management LLC boosted its holdings in shares of Miller Industries by 94.1% in the second quarter. Millennium Management LLC now owns 63,360 shares of the auto parts company’s stock worth $3,486,000 after acquiring an additional 30,714 shares during the period. Narwhal Capital Management boosted its holdings in shares of Miller Industries by 31.2% in the third quarter. Narwhal Capital Management now owns 113,568 shares of the auto parts company’s stock worth $6,928,000 after acquiring an additional 26,983 shares during the period. Finally, Squarepoint Ops LLC bought a new position in shares of Miller Industries in the second quarter worth $1,079,000. 79.24% of the stock is owned by institutional investors.

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.