Mueller Industries (NYSE:MLI) Downgraded by Wall Street Zen to Buy

Key Points

• Mueller Industries (NYSE:MLI) was downgraded by Wall Street Zen from "strong-buy" to "buy", while Weiss Ratings reiterated a buy rating. MarketBeat says the stock’s overall average rating remains Buy.
• The company reported better-than-expected Q1 earnings, with EPS of $2.16 versus estimates of $1.49 and revenue of $1.19 billion versus $1.10 billion expected. Revenue rose 19.3% year over year.
• Insiders have been selling shares recently, including CEO Gregory L. Christopher’s sale of 103,266 shares in late April. At the same time, institutional ownership remains high at 94.5%.

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

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, According to MarketBeat, Mueller Industries presently has an average rating of "Buy".

Mueller Industries Stock Performance

MLI stock opened at $140.81 on Friday. Mueller Industries has a fifty-two week low of $72.16 and a fifty-two week high of $141.51. The business's 50 day moving average price is $119.42 and its two-hundred day moving average price is $117.25. The company has a market capitalization of $15.57 billion, a price-to-earnings ratio of 18.43 and a beta of 1.13.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.49 by $0.67. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the business earned $1.39 EPS. The business's revenue for the quarter was up 19.3% on a year-over-year basis.

Insider Buying and Selling

In related news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction on Monday, February 9th. The stock was sold at an average price of $116.71, for a total value of $116,710.00. Following the transaction, the director directly owned 90,664 shares of the company's stock, valued at approximately $10,581,395.44. This trade represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory L. Christopher sold 103,266 shares of the firm's stock in a transaction on Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the completion of the transaction, the chief executive officer directly owned 804,911 shares in the company, valued at approximately $110,506,231.19. This represents a 11.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 108,696 shares of company stock valued at $14,821,136. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mueller Industries

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Mueller Industries by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 10,515,780 shares of the industrial products company's stock worth $1,207,212,000 after purchasing an additional 260,306 shares during the period. First Trust Advisors LP raised its holdings in Mueller Industries by 3.0% in the 3rd quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company's stock worth $570,176,000 after purchasing an additional 166,218 shares during the period. AQR Capital Management LLC raised its holdings in Mueller Industries by 56.8% in the 4th quarter. AQR Capital Management LLC now owns 4,054,565 shares of the industrial products company's stock worth $465,464,000 after purchasing an additional 1,468,872 shares during the period. Geode Capital Management LLC raised its holdings in Mueller Industries by 30.9% during the fourth quarter. Geode Capital Management LLC now owns 2,642,059 shares of the industrial products company's stock valued at $303,359,000 after acquiring an additional 624,210 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Mueller Industries by 36.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,528,013 shares of the industrial products company's stock valued at $290,216,000 after acquiring an additional 679,958 shares during the period. 94.50% of the stock is owned by institutional investors.

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.

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