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

StockNews.com cut shares of Miller Industries (NYSE:MLR) from a buy rating to a hold rating in a report released on Wednesday morning.

Separately, DA Davidson initiated coverage on shares of Miller Industries in a research report on Wednesday, October 2nd. They issued a “buy” rating and a $82.00 price objective on the stock.

Miller Industries Stock Down 1.9 %

Shares of NYSE MLR opened at $66.16 on Wednesday. The firm’s fifty day moving average is $63.81 and its 200 day moving average is $60.50. Miller Industries has a 52 week low of $38.33 and a 52 week high of $78.25. The company has a quick ratio of 1.44, a current ratio of 2.12 and a debt-to-equity ratio of 0.16. The company has a market cap of $756.80 million, a price-to-earnings ratio of 10.97 and a beta of 0.94.

Miller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Monday, December 2nd will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.15%. Miller Industries’s dividend payout ratio is currently 12.60%.

Hedge Funds Weigh In On Miller Industries

Several hedge funds have recently made changes to their positions in MLR. Hillsdale Investment Management Inc. boosted its holdings in Miller Industries by 1,404.6% in the first quarter. Hillsdale Investment Management Inc. now owns 57,173 shares of the auto parts company’s stock valued at $2,864,000 after acquiring an additional 53,373 shares in the last quarter. AdvisorShares Investments LLC boosted its stake in shares of Miller Industries by 7.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 136,902 shares of the auto parts company’s stock valued at $7,426,000 after purchasing an additional 9,384 shares in the last quarter. Narwhal Capital Management increased its position in shares of Miller Industries by 31.2% during the third quarter. Narwhal Capital Management now owns 113,568 shares of the auto parts company’s stock valued at $6,928,000 after buying an additional 26,983 shares during the period. XTX Topco Ltd bought a new position in Miller Industries in the second quarter worth about $468,000. Finally, Summit Global Investments purchased a new stake in Miller Industries in the third quarter worth about $611,000. 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.