Miller Industries (NYSE:MLR) Shares Gap Down – Time to Sell?

Miller Industries, Inc. (NYSE:MLR) gapped down prior to trading 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.

Analyst Ratings Changes

MLR has been the subject of several recent analyst reports. DA Davidson reiterated a “buy” rating and issued a $82.00 target price on shares of Miller Industries in a research note on Friday, November 15th. StockNews.com lowered shares of Miller Industries from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th.

Miller Industries Stock Performance

The company has a market cap of $525.22 million, a P/E ratio of 7.61 and a beta of 0.97. The company’s 50-day moving average is $64.21 and its two-hundred day moving average is $65.04. The company has a quick ratio of 1.46, a current ratio of 2.12 and a debt-to-equity ratio of 0.16.

Hedge Funds Weigh In On Miller Industries

Several large investors have recently modified their holdings of the business. FMR LLC lifted its stake in shares of Miller Industries by 10.2% during the 3rd 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 in the last quarter. Royce & Associates LP boosted its position in shares of Miller Industries by 29.8% in the fourth quarter. Royce & Associates LP now owns 644,607 shares of the auto parts company’s stock valued at $42,132,000 after acquiring an additional 148,079 shares during the period. Systematic Financial Management LP grew its stake in Miller Industries by 2.0% during the fourth quarter. Systematic Financial Management LP now owns 403,191 shares of the auto parts company’s stock valued at $26,353,000 after acquiring an additional 8,032 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in Miller Industries by 11.3% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 367,793 shares of the auto parts company’s stock worth $22,435,000 after acquiring an additional 37,480 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Miller Industries by 0.6% during the 4th quarter. Franklin Resources Inc. now owns 248,555 shares of the auto parts company’s stock worth $16,246,000 after acquiring an additional 1,511 shares during the period. Hedge funds and other institutional investors own 79.24% of the company’s stock.

About Miller Industries

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.