Mueller Industries (NYSE:MLI) Stock Rating Upgraded by Wall Street Zen

Mueller Industries (NYSE:MLI) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Sunday, Wall Street Zen reports.

Several other equities analysts also recently commented on MLI. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, July 16th. Finally, Freedom Broker dropped their price objective on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Three analysts have rated the stock with a Buy rating. According to data from MarketBeat, Mueller Industries presently has an average rating of “Buy” and an average price target of $75.50.

Mueller Industries Trading Up 1.2%

Shares of NYSE MLI opened at $55.21 on Friday. The firm has a market cap of $12.03 billion, a P/E ratio of 14.16 and a beta of 1.08. The business’s 50 day moving average is $60.20 and its 200-day moving average is $62.21. Mueller Industries has a 1-year low of $52.00 and a 1-year high of $71.12.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.08). Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the firm earned $1.88 earnings per share. The business’s revenue for the quarter was up 31.6% compared to the same quarter last year.

Insider Activity

In related news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the transaction, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gregory L. Christopher sold 200,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total value of $13,688,000.00. Following the completion of the transaction, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. The trade was a 11.12% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 274,000 shares of company stock worth $18,762,560. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mueller Industries

Several institutional investors and hedge funds have recently bought and sold shares of MLI. BlackRock Inc. purchased a new position in shares of Mueller Industries in the 2nd quarter worth about $1,437,555,000. First Trust Advisors LP increased its holdings in Mueller Industries by 0.6% during the first quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock worth $619,839,000 after buying an additional 33,248 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Mueller Industries in the 2nd quarter worth approximately $244,156,000. Bank of New York Mellon Corp purchased a new stake in shares of Mueller Industries during the 2nd quarter valued at $131,286,000. Finally, Jupiter Topco LLC purchased a new stake in shares of Mueller Industries during the 2nd quarter valued at $95,120,000. Institutional investors own 94.50% of the company’s stock.

About Mueller Industries

Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.

The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.