Miller Industries (NYSE:MLR) Downgraded to “Strong Sell” Rating by Zacks Research

Miller Industries (NYSE:MLR) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently commented on the company. Loop Capital set a $44.00 target price on Miller Industries in a research note on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miller Industries in a research note on Monday, December 29th. Finally, DA Davidson raised their price target on Miller Industries from $52.00 to $53.00 and gave the company a “buy” rating in a report on Monday. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $48.50.

Miller Industries Price Performance

MLR opened at $44.38 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.22 and a quick ratio of 1.87. The stock has a market capitalization of $504.54 million, a P/E ratio of 22.41 and a beta of 1.25. The company’s 50 day simple moving average is $42.11 and its 200-day simple moving average is $40.37. Miller Industries has a one year low of $33.81 and a one year high of $48.94.

Miller Industries (NYSE:MLR) last posted its quarterly earnings data on Wednesday, March 4th. The auto parts company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.26. Miller Industries had a net margin of 2.92% and a return on equity of 5.52%. The firm had revenue of $171.92 million during the quarter, compared to analysts’ expectations of $164.20 million. Sell-side analysts anticipate that Miller Industries will post 5.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Miller Industries

Several large investors have recently bought and sold shares of the company. AQR Capital Management LLC raised its holdings in Miller Industries by 41.9% in the first quarter. AQR Capital Management LLC now owns 13,019 shares of the auto parts company’s stock worth $552,000 after purchasing an additional 3,846 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Miller Industries by 4.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,624 shares of the auto parts company’s stock valued at $281,000 after buying an additional 312 shares during the period. Millennium Management LLC increased its position in shares of Miller Industries by 855.1% in the 1st quarter. Millennium Management LLC now owns 156,930 shares of the auto parts company’s stock valued at $6,649,000 after buying an additional 140,500 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Miller Industries by 64.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 286,984 shares of the auto parts company’s stock valued at $12,160,000 after buying an additional 112,925 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Miller Industries during the 1st quarter worth $182,000. Institutional investors own 79.24% of the company’s stock.

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.