Miller Industries (NYSE:MLR) Sets New 52-Week High – Here’s Why

Miller Industries, Inc. (NYSE:MLR) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $70.00 and last traded at $70.00, with a volume of 337 shares traded. The stock had previously closed at $69.18.

Wall Street Analyst Weigh In

MLR has been the subject of several analyst reports. DA Davidson initiated coverage on Miller Industries in a research report on Wednesday, October 2nd. They set a “buy” rating and a $82.00 target price for the company. StockNews.com cut Miller Industries from a “buy” rating to a “hold” rating in a report on Tuesday.

Miller Industries Stock Performance

The stock has a fifty day simple moving average of $62.46 and a 200-day simple moving average of $59.69. The stock has a market cap of $860.65 million, a P/E ratio of 12.03 and a beta of 0.94. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.44 and a current ratio of 2.08.

Miller Industries (NYSE:MLR) last posted its quarterly earnings data on Wednesday, August 7th. The auto parts company reported $1.78 earnings per share (EPS) for the quarter. The business had revenue of $371.45 million during the quarter. Miller Industries had a return on equity of 20.16% and a net margin of 5.55%. On average, equities analysts expect that Miller Industries, Inc. will post 5.6 earnings per share for the current year.

Institutional Investors Weigh In On Miller Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLR. Cubist Systematic Strategies LLC boosted its stake in shares of Miller Industries by 2.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,220 shares of the auto parts company’s stock worth $452,000 after buying an additional 201 shares during the last quarter. Ellsworth Advisors LLC increased its holdings in Miller Industries by 3.6% during the third quarter. Ellsworth Advisors LLC now owns 11,842 shares of the auto parts company’s stock worth $722,000 after buying an additional 411 shares during the last quarter. Point72 DIFC Ltd raised its position in Miller Industries by 146.9% during the second quarter. Point72 DIFC Ltd now owns 1,000 shares of the auto parts company’s stock worth $55,000 after acquiring an additional 595 shares in the last quarter. Innealta Capital LLC acquired a new stake in Miller Industries in the 2nd quarter valued at about $39,000. Finally, Kennedy Capital Management LLC increased its position in Miller Industries by 2.4% during the first quarter. Kennedy Capital Management LLC now owns 36,707 shares of the auto parts company’s stock worth $1,839,000 after buying an additional 853 shares during the last quarter. 79.24% of the stock is currently owned by institutional investors and hedge funds.

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.