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 mid-day trading on Wednesday . The company traded as high as $70.00 and last traded at $70.00, with a volume of 337 shares traded. The stock had previously closed at $69.18.

Analyst Upgrades and Downgrades

MLR has been the subject of several recent research reports. DA Davidson initiated coverage on Miller Industries in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $82.00 price target for the company. StockNews.com cut Miller Industries from a “buy” rating to a “hold” rating in a research note on Tuesday.

Miller Industries Trading Up 9.0 %

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

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

Institutional Investors Weigh In On Miller Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Royce & Associates LP raised its stake 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 purchasing an additional 56,578 shares during the last quarter. Hillsdale Investment Management Inc. increased its position in shares of Miller Industries by 1,404.6% during the first quarter. Hillsdale Investment Management Inc. now owns 57,173 shares of the auto parts company’s stock valued at $2,864,000 after acquiring an additional 53,373 shares during the last quarter. Millennium Management LLC increased its position in shares of Miller Industries by 94.1% during the second quarter. Millennium Management LLC now owns 63,360 shares of the auto parts company’s stock valued at $3,486,000 after acquiring an additional 30,714 shares during the last quarter. Narwhal Capital Management increased its position in shares of Miller Industries by 31.2% during the third quarter. Narwhal Capital Management now owns 113,568 shares of the auto parts company’s stock valued at $6,928,000 after acquiring an additional 26,983 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Miller Industries during the second quarter valued at approximately $1,079,000. Institutional investors 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.