Mueller Industries (NYSE:MLI) Rating Lowered to Hold at Wall Street Zen

Mueller Industries (NYSE:MLI) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

MLI has been the subject of a number of other research reports. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 16th. Finally, Freedom Broker cut their target price on Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday. Three analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $75.50.

Mueller Industries Trading Down 0.7%

Shares of MLI stock opened at $54.13 on Friday. The stock has a market cap of $11.80 billion, a P/E ratio of 13.88 and a beta of 1.08. Mueller Industries has a twelve month low of $51.20 and a twelve month high of $71.12. The stock has a 50 day moving average of $61.26 and a 200 day moving average of $63.52.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data 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 analysts’ expectations of $1.28 billion. During the same quarter last year, the firm earned $1.88 earnings per share. The firm’s quarterly revenue was up 31.6% compared to the same quarter last year.

Insiders Place Their Bets

In related news, Director John Hansen sold 2,444 shares of Mueller Industries stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $67.72, for a total value of $165,507.68. Following the transaction, the director owned 181,328 shares in the company, valued at approximately $12,279,532.16. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gregory Christopher sold 200,000 shares of the 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 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 275,444 shares of company stock valued at $18,885,398 over the last quarter. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Mueller Industries

Several hedge funds and other institutional investors have recently bought and sold shares of MLI. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Mueller Industries in the 2nd quarter worth about $29,000. Arlington Trust Co LLC acquired a new position in Mueller Industries during the 2nd quarter valued at approximately $30,000. NBT Bank N A NY increased its position in Mueller Industries by 148.7% in the first 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. SJS Investment Consulting Inc. lifted its position in Mueller Industries by 28.4% in the 1st quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 82 shares during the last quarter. Finally, Alpine Bank Wealth Management bought a new position in Mueller Industries in the 3rd quarter worth about $25,000. 94.50% of the stock is owned by institutional investors.

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.