Miller Industries (NYSE:MLR) Rating Lowered to “Hold” at StockNews.com

StockNews.com cut shares of Miller Industries (NYSE:MLR) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

Separately, DA Davidson started coverage on Miller Industries in a research note on Wednesday, October 2nd. They issued a “buy” rating and a $82.00 target price on the stock.

Miller Industries Stock Down 10.4 %

Shares of Miller Industries stock opened at $68.64 on Wednesday. The stock has a market capitalization of $785.93 million, a price-to-earnings ratio of 11.38 and a beta of 0.94. Miller Industries has a twelve month low of $38.33 and a twelve month high of $78.25. 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 business’s 50 day simple moving average is $63.43 and its 200-day simple moving average is $60.39.

Miller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, December 2nd will be paid a $0.19 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.11%. Miller Industries’s payout ratio is 12.60%.

Institutional Trading of Miller Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC lifted its holdings in shares of Miller Industries by 10.2% in the third quarter. FMR LLC now owns 766,623 shares of the auto parts company’s stock valued at $46,764,000 after buying an additional 71,231 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Miller Industries by 193.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 92,955 shares of the auto parts company’s stock valued at $5,670,000 after acquiring an additional 61,247 shares during the last quarter. Royce & Associates LP lifted its holdings in Miller Industries by 12.9% in the 3rd quarter. Royce & Associates LP now owns 496,528 shares of the auto parts company’s stock valued at $30,288,000 after acquiring an additional 56,578 shares during the last quarter. Hillsdale Investment Management Inc. boosted its position in shares of Miller Industries by 1,404.6% during the 1st quarter. Hillsdale Investment Management Inc. now owns 57,173 shares of the auto parts company’s stock valued at $2,864,000 after purchasing an additional 53,373 shares in the last quarter. Finally, Millennium Management LLC grew its position in Miller Industries by 94.1% in the second quarter. Millennium Management LLC now owns 63,360 shares of the auto parts company’s stock worth $3,486,000 after buying an additional 30,714 shares during the last quarter. 79.24% of the stock is currently owned by 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.