Miller Industries (NYSE:MLR) Price Target Cut to $64.00 by Analysts at DA Davidson

Miller Industries (NYSE:MLR - Get Free Report) had its price target cut by investment analysts at DA Davidson from $66.00 to $64.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the auto parts company's stock. DA Davidson's price target would suggest a potential upside of 44.01% from the stock's previous close.

Miller Industries Trading Down 0.0%

Shares of MLR stock traded down $0.02 during trading hours on Thursday, reaching $44.44. 226,965 shares of the stock were exchanged, compared to its average volume of 95,154. Miller Industries has a 12-month low of $37.40 and a 12-month high of $78.25. The company has a current ratio of 3.23, a quick ratio of 2.16 and a debt-to-equity ratio of 0.18. The company's 50-day moving average price is $44.20 and its 200-day moving average price is $52.52. The firm has a market capitalization of $509.29 million, a price-to-earnings ratio of 9.44 and a beta of 1.24.

Miller Industries (NYSE:MLR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The auto parts company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.09. Miller Industries had a net margin of 4.81% and a return on equity of 13.78%. The firm had revenue of $225.65 million during the quarter, compared to analysts' expectations of $224.35 million. As a group, equities analysts anticipate that Miller Industries will post 5.68 earnings per share for the current year.

Hedge Funds Weigh In On Miller Industries

A number of hedge funds have recently added to or reduced their stakes in MLR. CX Institutional purchased a new stake in shares of Miller Industries in the 1st quarter worth approximately $120,000. GAMMA Investing LLC lifted its position in shares of Miller Industries by 1,894.1% in the 1st quarter. GAMMA Investing LLC now owns 3,051 shares of the auto parts company's stock worth $129,000 after purchasing an additional 2,898 shares during the period. Jane Street Group LLC lifted its position in shares of Miller Industries by 23.8% in the 4th quarter. Jane Street Group LLC now owns 8,003 shares of the auto parts company's stock worth $523,000 after purchasing an additional 1,539 shares during the period. Narwhal Capital Management lifted its position in shares of Miller Industries by 20.0% in the 1st quarter. Narwhal Capital Management now owns 121,499 shares of the auto parts company's stock worth $5,148,000 after purchasing an additional 20,273 shares during the period. Finally, Two Sigma Investments LP lifted its position in shares of Miller Industries by 186.9% in the 4th quarter. Two Sigma Investments LP now owns 13,340 shares of the auto parts company's stock worth $872,000 after purchasing an additional 8,691 shares during the period. 79.24% of the stock is currently owned by institutional investors.

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.