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

Key Points

• Wall Street Zen downgraded Mueller Industries from “buy” to “hold,” although the broader analyst consensus remains “Buy” with an average price target of $75.50.
• Mueller Industries’ shares opened at $54.13, near the lower end of their 12-month range. The company’s latest quarterly earnings came in below expectations at $1.00 per share, despite revenue rising 31.6% year over year to $1.42 billion.
• Insiders sold 275,444 shares worth approximately $18.9 million during the last quarter, while institutional investors own 94.5% of the company’s stock.

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

Other research analysts also recently issued research reports about the company. Freedom Broker cut their target price on Mueller Industries from $80.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday. Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective for the company in a research note on Thursday, July 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a report on Thursday, October 15th. Three research analysts have rated the stock with a Buy rating. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $75.50.

Mueller Industries Trading Down 0.7%

NYSE:MLI opened at $54.13 on Friday. Mueller Industries has a 12 month low of $51.20 and a 12 month high of $71.12. The firm's 50 day moving average is $61.26 and its 200 day moving average is $63.52. The stock has a market capitalization of $11.80 billion, a PE ratio of 13.88 and a beta of 1.08.

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

Insider Buying and Selling at Mueller Industries

In related news, Director Scott Goldman sold 2,000 shares of the company's stock in a transaction that occurred 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 directly owned 79,734 shares of the company's stock, valued at approximately $5,109,354.72. This represents a 2.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gregory L. Christopher sold 200,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the sale, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. This represents a 11.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 275,444 shares of company stock valued at $18,885,398. Corporate insiders own 2.30% of the company's stock.

Institutional Trading of Mueller Industries

A number of large investors have recently added to or reduced their stakes in MLI. BlackRock Inc. purchased a new position in Mueller Industries during the second quarter valued at approximately $1,437,555,000. William Blair Investment Management LLC purchased a new stake in shares of Mueller Industries during the 2nd quarter worth $244,156,000. Bank of New York Mellon Corp bought a new stake in Mueller Industries during the second quarter valued at about $131,286,000. Pictet Asset Management Holding SA boosted its holdings in shares of Mueller Industries by 136.5% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company's stock valued at $185,561,000 after buying an additional 966,840 shares in the last quarter. Finally, Jupiter Topco LLC acquired a new position in shares of Mueller Industries during the second quarter worth $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.

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