Zacks Research Downgrades Miller Industries (NYSE:MLR) to Strong Sell

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

Other equities analysts have also recently issued research reports about the company. DA Davidson lifted their target price on Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Loop Capital set a $44.00 price target on shares of Miller Industries in a report on Monday, March 9th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miller Industries in a research report on Friday, March 27th. 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 MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $50.00.

Miller Industries Price Performance

MLR opened at $48.79 on Monday. The firm has a market capitalization of $556.16 million, a P/E ratio of 36.41 and a beta of 1.11. The stock has a fifty day moving average of $47.35 and a 200-day moving average of $43.28. The company has a quick ratio of 1.78, a current ratio of 2.98 and a debt-to-equity ratio of 0.05. Miller Industries has a 12-month low of $33.81 and a 12-month high of $49.89.

Miller Industries (NYSE:MLR) last issued its quarterly earnings results on Wednesday, May 6th. The auto parts company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.17). The business had revenue of $180.86 million for the quarter, compared to analysts’ expectations of $181.10 million. Miller Industries had a net margin of 2.08% and a return on equity of 3.70%. Equities analysts forecast that Miller Industries will post 1.9 EPS for the current fiscal year.

Institutional Trading of Miller Industries

Institutional investors have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL acquired a new position in shares of Miller Industries during the 3rd quarter worth $1,598,000. Citigroup Inc. raised its holdings in shares of Miller Industries by 219.6% during the 3rd quarter. Citigroup Inc. now owns 63,227 shares of the auto parts company’s stock valued at $2,556,000 after purchasing an additional 43,444 shares in the last quarter. Pacific Ridge Capital Partners LLC lifted its stake in shares of Miller Industries by 24.3% in the 3rd quarter. Pacific Ridge Capital Partners LLC now owns 121,261 shares of the auto parts company’s stock valued at $4,901,000 after purchasing an additional 23,683 shares during the last quarter. Azarias Capital Management L.P. bought a new stake in Miller Industries in the fourth quarter worth $1,497,000. Finally, Invenomic Capital Management LP bought a new stake in Miller Industries in the third quarter worth $4,442,000. 79.24% of the stock is currently owned by institutional investors and hedge funds.

Miller Industries Company Profile

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.