Mueller Industries (NYSE:MLI) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Mueller Industries to “buy” from “hold,” while other analysts also maintain positive ratings. The stock has an average “buy” rating and a consensus price target of $75.50.
• Mueller Industries shares opened at $54.49, down 2.3%, and are trading below their 50-day and 200-day moving averages. The company recently reported quarterly EPS of $1.00, missing estimates, although revenue rose 31.6% year over year to $1.42 billion.
• Insiders have sold 275,444 shares worth approximately $18.9 million over the past 90 days, while institutional investors own 94.5% of the company’s stock.

Mueller Industries (NYSE:MLI - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Sunday, Wall Street Zen reports.

Other analysts have also recently issued research reports about the stock. Freedom Broker dropped their price target 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. Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective for the company in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research report on Thursday, October 15th. Three investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $75.50.

Mueller Industries Trading Down 2.3%

Shares of Mueller Industries stock opened at $54.49 on Friday. The firm's 50 day simple moving average is $60.36 and its two-hundred day simple moving average is $62.25. The firm has a market capitalization of $11.88 billion, a price-to-earnings ratio of 13.97 and a beta of 1.08. Mueller Industries has a 12-month low of $52.00 and a 12-month high of $71.12.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates of $1.08 by ($0.08). The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.28 billion. Mueller Industries had a return on equity of 25.23% and a net margin of 17.26%. The business's revenue was up 31.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.88 earnings per share.

Insiders Place Their Bets

In related news, Director John Hansen sold 2,444 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the completion of the sale, the director owned 181,328 shares in the company, valued at $12,279,532.16. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Goldman sold 2,000 shares of the firm's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the transaction, the director directly owned 79,734 shares in the company, valued at approximately $5,109,354.72. This represents a 2.45% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 275,444 shares of company stock worth $18,885,398. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Mueller Industries

Large investors have recently modified their holdings of the stock. Root Financial Partners LLC boosted its holdings in shares of Mueller Industries by 19.6% during the first quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company's stock valued at $57,000 after acquiring an additional 84 shares during the period. Jackson Thornton Wealth Management LLC increased its holdings in shares of Mueller Industries by 2.3% in the 1st quarter. Jackson Thornton Wealth Management LLC now owns 4,431 shares of the industrial products company's stock worth $537,000 after acquiring an additional 101 shares during the period. NBT Bank N A NY increased its holdings in shares of Mueller Industries by 148.7% in the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company's stock worth $32,000 after acquiring an additional 171 shares during the period. Kera Capital Partners Inc. increased its holdings in shares of Mueller Industries by 7.8% in the 1st quarter. Kera Capital Partners Inc. now owns 2,507 shares of the industrial products company's stock worth $278,000 after acquiring an additional 182 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in Mueller Industries by 42.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 625 shares of the industrial products company's stock valued at $77,000 after purchasing an additional 186 shares during the last quarter. Institutional investors and hedge funds 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.

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