Northcoast Research Upgrades Mueller Industries (NYSE:MLI) to Buy

Mueller Industries (NYSE:MLI) was upgraded by equities researchers at Northcoast Research from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage presently has a $75.00 price objective on the industrial products company’s stock. Northcoast Research’s target price indicates a potential upside of 26.61% from the company’s current price.

Other research analysts also recently issued reports about the company. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Tuesday, April 21st. Wall Street Zen raised Mueller Industries from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 27th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, Mueller Industries currently has an average rating of “Buy” and a consensus target price of $75.00.

Mueller Industries Stock Up 0.5%

MLI opened at $59.24 on Thursday. Mueller Industries has a twelve month low of $41.17 and a twelve month high of $70.95. The company has a fifty day moving average of $64.48 and a 200-day moving average of $62.11. The stock has a market cap of $13.10 billion, a PE ratio of 15.51 and a beta of 1.11.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, April 21st. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.34. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the business earned $0.69 earnings per share. Mueller Industries’s revenue for the quarter was up 19.3% on a year-over-year basis.

Insider Activity

In other news, CEO Gregory L. Christopher sold 206,532 shares of the stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $68.64, for a total transaction of $14,177,389.14. Following the transaction, the chief executive officer owned 1,609,822 shares of the company’s stock, valued at $110,506,231.19. This represents a 11.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Activest Wealth Management bought a new stake in shares of Mueller Industries during the fourth quarter valued at approximately $27,000. Arlington Trust Co LLC acquired a new stake in Mueller Industries in the 2nd quarter valued at $30,000. NBT Bank N A NY increased its stake in Mueller Industries by 148.7% during the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 171 shares in the last quarter. Western Pacific Wealth Management LP bought a new stake in Mueller Industries during the 1st quarter valued at $34,000. Finally, Brown Brothers Harriman & Co. acquired a new position in Mueller Industries during the fourth quarter worth $34,000. Institutional investors own 94.50% of the company’s stock.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.