Mueller Industries (NYSE:MLI) Rating Lowered to “Buy” at Wall Street Zen

Mueller Industries (NYSE:MLI) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

A number of other analysts have also recently weighed in on MLI. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, July 16th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Mueller Industries currently has a consensus rating of “Buy” and a consensus target price of $75.00.

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $63.86 on Friday. The business’s 50-day simple moving average is $63.75 and its 200-day simple moving average is $62.25. Mueller Industries has a 52 week low of $41.17 and a 52 week high of $70.95. The firm has a market cap of $14.12 billion, a price-to-earnings ratio of 16.63 and a beta of 1.11.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.27 billion. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The company’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.96 EPS.

Insider Buying and Selling at Mueller Industries

In other news, CEO Gregory L. Christopher sold 206,532 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $68.64, for a total transaction of $14,177,389.14. Following the sale, the chief executive officer directly owned 1,609,822 shares in the company, valued at approximately $110,506,231.19. The trade was a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Mueller Industries

A number of institutional investors have recently bought and sold shares of the business. Fifth Third Bancorp raised its stake in shares of Mueller Industries by 2.2% in the 4th quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock valued at $400,000 after buying an additional 75 shares in the last quarter. US Asset Management LLC boosted its position in shares of Mueller Industries by 3.5% during the 4th quarter. US Asset Management LLC now owns 2,425 shares of the industrial products company’s stock valued at $278,000 after acquiring an additional 81 shares in the last quarter. SJS Investment Consulting Inc. increased its stake in Mueller Industries by 28.4% in the first quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 82 shares during the period. Root Financial Partners LLC raised its position in Mueller Industries by 19.6% in the first quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company’s stock worth $57,000 after purchasing an additional 84 shares in the last quarter. Finally, Florida Financial Advisors LLC lifted its stake in Mueller Industries by 3.7% during the fourth quarter. Florida Financial Advisors LLC now owns 2,510 shares of the industrial products company’s stock worth $288,000 after purchasing an additional 89 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

About Mueller Industries

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.