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

Miller Industries (NYSE:MLR) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

Other equities analysts have also recently issued research reports about the company. DA Davidson boosted their price objective on Miller Industries from $53.00 to $56.00 and gave the company a “buy” rating in a report on Monday, May 11th. Zacks Research upgraded Miller Industries from a “strong sell” rating to a “hold” rating in a research note on Friday, July 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Miller Industries in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $50.00.

Miller Industries Price Performance

Shares of NYSE MLR opened at $54.42 on Friday. Miller Industries has a 1 year low of $35.72 and a 1 year high of $56.21. The firm has a 50-day simple moving average of $49.87 and a two-hundred day simple moving average of $46.83. The company has a market cap of $617.63 million, a P/E ratio of 43.88 and a beta of 1.11.

Miller Industries (NYSE:MLR) last released its earnings results on Wednesday, August 5th. The auto parts company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.27. Miller Industries had a return on equity of 3.41% and a net margin of 1.86%.The firm had revenue of $239.99 million for the quarter, compared to analysts’ expectations of $210.80 million. As a group, equities research analysts expect that Miller Industries will post 1.9 EPS for the current year.

Institutional Trading of Miller Industries

Large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in Miller Industries by 66.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 824 shares of the auto parts company’s stock worth $37,000 after purchasing an additional 329 shares during the period. IFP Advisors Inc lifted its holdings 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 worth $34,000 after buying an additional 604 shares during the period. Russell Investments Group Ltd. grew its position in shares of Miller Industries by 736.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,137 shares of the auto parts company’s stock worth $46,000 after buying an additional 1,001 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Miller Industries during the 2nd quarter worth $125,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Miller Industries during the third quarter valued at $159,000. Hedge funds and other institutional investors own 79.24% of the company’s stock.

About Miller Industries

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.