Mueller Industries (NYSE:MLI) Stock Bumped Up to Buy by Wall Street Zen

Wall Street Zen upgraded shares of Mueller Industries (NYSE:MLI) from a hold rating to a buy rating in a report published on Sunday,Wall Street Zen reports.

Other equities research analysts have also issued research reports about the company. Freedom Broker dropped their price objective on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock 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 restated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Three equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $75.50.

Mueller Industries Price Performance

Shares of MLI stock opened at $54.49 on Friday. The company has a market capitalization of $11.88 billion, a price-to-earnings ratio of 13.97 and a beta of 1.01. Mueller Industries has a one year low of $52.00 and a one year high of $71.12. The company’s fifty day moving average price is $60.36 and its 200-day moving average price is $62.25.

Mueller Industries (NYSE:MLI) last announced 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). Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the previous year, the business posted $1.88 EPS. The firm’s revenue was up 31.6% on a year-over-year basis.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.1750 dividend. This represents a $0.70 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries’s dividend payout ratio is presently 17.95%.

Insider Transactions at Mueller Industries

In related news, Director Scott Goldman sold 2,000 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the transaction, the director owned 79,734 shares of the company’s stock, valued at $5,109,354.72. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gregory Christopher sold 200,000 shares of Mueller Industries stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total value of $13,688,000.00. Following the sale, the chief executive officer directly owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 275,444 shares of company stock worth $18,885,398. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MLI. Root Financial Partners LLC grew its stake in 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 in the last quarter. Jackson Thornton Wealth Management LLC boosted 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 purchasing an additional 101 shares during the period. NBT Bank N A NY lifted 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 buying an additional 171 shares during the period. Kera Capital Partners Inc. grew its stake in Mueller Industries by 7.8% during the 1st quarter. Kera Capital Partners Inc. now owns 2,507 shares of the industrial products company’s stock worth $278,000 after buying an additional 182 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Mueller Industries by 42.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 625 shares of the industrial products company’s stock worth $77,000 after acquiring an additional 186 shares during the period. 94.50% of the stock is owned by institutional investors.

Mueller Industries Company Profile

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.