Miller Industries (NYSE:MLR) Shares Gap Down – Should You Sell?

Miller Industries, Inc. (NYSE:MLR)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $54.87, but opened at $43.83. Miller Industries shares last traded at $44.72, with a volume of 183,668 shares.

Analysts Set New Price Targets

MLR has been the topic of a number of analyst reports. DA Davidson reaffirmed a “buy” rating and set a $82.00 target price on shares of Miller Industries in a report on Friday, November 15th. StockNews.com lowered shares of Miller Industries from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th.

Miller Industries Stock Down 16.3 %

The stock’s fifty day moving average price is $64.21 and its 200 day moving average price is $65.04. The stock has a market cap of $525.22 million, a P/E ratio of 7.61 and a beta of 0.97. The company has a current ratio of 2.12, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16.

Hedge Funds Weigh In On Miller Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Sovereign s Capital Management LLC purchased a new stake in Miller Industries during the 4th quarter valued at $1,132,000. Squarepoint Ops LLC boosted its position in Miller Industries by 11.8% during the 4th quarter. Squarepoint Ops LLC now owns 21,534 shares of the auto parts company’s stock valued at $1,407,000 after buying an additional 2,273 shares during the period. Two Sigma Advisers LP boosted its position in Miller Industries by 79.7% during the 4th quarter. Two Sigma Advisers LP now owns 12,400 shares of the auto parts company’s stock valued at $810,000 after buying an additional 5,500 shares during the period. Two Sigma Investments LP boosted its position in Miller Industries by 186.9% during the 4th quarter. Two Sigma Investments LP now owns 13,340 shares of the auto parts company’s stock valued at $872,000 after buying an additional 8,691 shares during the period. Finally, Systematic Financial Management LP boosted its position in Miller Industries by 2.0% during the 4th quarter. Systematic Financial Management LP now owns 403,191 shares of the auto parts company’s stock valued at $26,353,000 after buying an additional 8,032 shares during the period. Institutional investors own 79.24% of the company’s stock.

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.