Miller Industries (NYSE:MLR) Upgraded by Zacks Research to Hold Rating

Key Points

• Miller Industries has been upgraded from a "strong sell" to a "hold" rating by Zacks Research.
• The company's shares opened at $40.43 and have a price target of $64.00 based on analysts' consensus.
• Miller Industries reported $0.73 earnings per share last quarter, exceeding the consensus estimate of $0.55.

Miller Industries (NYSE:MLR - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. DA Davidson reduced their price target on shares of Miller Industries from $66.00 to $64.00 and set a "buy" rating for the company in a research report on Thursday, June 26th. Weiss Ratings reissued a "hold (c+)" rating on shares of Miller Industries in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $64.00.

Miller Industries Stock Up 1.4%

Shares of NYSE MLR opened at $40.43 on Tuesday. The business has a 50-day moving average of $41.08 and a two-hundred day moving average of $42.70. The company has a market capitalization of $463.25 million, a price-to-earnings ratio of 11.05 and a beta of 1.24. Miller Industries has a 1 year low of $33.81 and a 1 year high of $78.25. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.32 and a quick ratio of 2.19.

Miller Industries (NYSE:MLR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The auto parts company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.18. The firm had revenue of $214.03 million during the quarter, compared to analysts' expectations of $234.95 million. Miller Industries had a return on equity of 10.48% and a net margin of 4.35%. On average, analysts forecast that Miller Industries will post 5.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. IFP Advisors Inc raised its stake in shares of Miller Industries by 98.0% during the 1st quarter. IFP Advisors Inc now owns 608 shares of the auto parts company's stock worth $26,000 after buying an additional 301 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Miller Industries by 66.5% during the second quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company's stock worth $37,000 after acquiring an additional 329 shares during the period. Public Employees Retirement System of Ohio raised its position in Miller Industries by 1,842.0% in the second quarter. Public Employees Retirement System of Ohio now owns 1,709 shares of the auto parts company's stock worth $76,000 after acquiring an additional 1,621 shares in the last quarter. AlphaQuest LLC grew its stake in shares of Miller Industries by 230.3% during the 1st quarter. AlphaQuest LLC now owns 1,985 shares of the auto parts company's stock worth $84,000 after purchasing an additional 1,384 shares during the period. Finally, CX Institutional acquired a new stake in shares of Miller Industries in the first quarter valued at about $120,000. 79.24% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.