Weiss Ratings Reaffirms "Buy (B)" Rating for Mueller Industries (NYSE:MLI)

Key Points

• Weiss Ratings has reaffirmed a "Buy (B)" rating for Mueller Industries (NYSE:MLI), indicating confidence in the stock's performance.
• Mueller Industries reported strong quarterly earnings of $1.96 per share, surpassing analysts' expectations and achieving a 14.1% year-over-year revenue growth.
• Institutional investors hold a significant 94.50% stake in Mueller Industries, reflecting strong financial backing from large investment firms.

Mueller Industries (NYSE:MLI - Get Free Report)'s stock had its "buy (b)" rating reiterated by investment analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $100.42 on Wednesday. The stock has a fifty day moving average price of $95.56 and a two-hundred day moving average price of $83.90. The firm has a market cap of $11.12 billion, a P/E ratio of 15.94 and a beta of 1.02. Mueller Industries has a 1 year low of $66.84 and a 1 year high of $102.75.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.34. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.Mueller Industries's quarterly revenue was up 14.1% on a year-over-year basis.

Insider Activity

In related news, Director John B. Hansen sold 1,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the completion of the sale, the director directly owned 92,664 shares in the company, valued at approximately $8,522,308.08. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.70% of the stock is owned by insiders.

Institutional Trading of Mueller Industries

Institutional investors have recently bought and sold shares of the company. Golden State Wealth Management LLC boosted its position in Mueller Industries by 103.1% during the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 168 shares during the last quarter. Brooklyn Investment Group boosted its position in Mueller Industries by 267.3% during the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock valued at $29,000 after purchasing an additional 278 shares during the last quarter. Rise Advisors LLC acquired a new stake in Mueller Industries during the first quarter valued at $30,000. Wayfinding Financial LLC acquired a new stake in Mueller Industries during the first quarter valued at $34,000. Finally, Employees Retirement System of Texas acquired a new stake in Mueller Industries during the second quarter valued at $34,000. Institutional investors and hedge funds own 94.50% of the company's stock.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.

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