Miller Industries (NYSE:MLR) Upgraded to "Strong-Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Miller Industries to “strong-buy” from “hold,” while the broader analyst consensus remains “Hold” with an average price target of $50.
• Miller Industries reported quarterly EPS of $0.63, surpassing the $0.36 estimate, and revenue of $239.99 million, ahead of the $210.80 million consensus.
• The stock opened at $54.42, near its 52-week high of $56.21, with institutional investors owning approximately 79.24% of outstanding shares.

Miller Industries (NYSE:MLR - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a research report issued on Saturday.

Other analysts have also recently issued research reports about the stock. DA Davidson upped their target price on shares of Miller Industries from $53.00 to $56.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Weiss Ratings restated a "hold (c)" rating on shares of Miller Industries in a research note on Wednesday, June 24th. Finally, Zacks Research raised Miller Industries from a "strong sell" rating to a "hold" rating in a report on Friday, July 10th. 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.com, the stock has a consensus rating of "Hold" and an average target price of $50.00.

Miller Industries Price Performance

MLR opened at $54.42 on Friday. The company has a market capitalization of $620.35 million, a P/E ratio of 43.88 and a beta of 1.11. The firm's fifty day moving average price is $49.87 and its two-hundred day moving average price is $46.79. Miller Industries has a fifty-two week low of $35.72 and a fifty-two week high of $56.21.

Miller Industries (NYSE:MLR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The auto parts company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.27. The company had revenue of $239.99 million during the quarter, compared to analysts' expectations of $210.80 million. Miller Industries had a net margin of 1.86% and a return on equity of 3.41%. On average, equities research analysts expect that Miller Industries will post 1.9 EPS 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 company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in 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 worth $281,000 after purchasing an additional 312 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Miller Industries by 66.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company's stock valued at $37,000 after buying an additional 329 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Miller Industries by 4.0% in the 4th quarter. SG Americas Securities LLC now owns 13,141 shares of the auto parts company's stock valued at $491,000 after buying an additional 504 shares during the period. Osaic Holdings Inc. increased its stake in shares of Miller Industries by 7.5% in the 4th quarter. Osaic Holdings Inc. now owns 7,977 shares of the auto parts company's stock valued at $298,000 after buying an additional 556 shares during the period. Finally, IFP Advisors Inc increased its stake in shares of Miller Industries by 200.0% in the 4th quarter. IFP Advisors Inc now owns 906 shares of the auto parts company's stock valued at $34,000 after buying an additional 604 shares during the period. Institutional investors and hedge funds own 79.24% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source