Mueller Industries (NYSE:MLI) Rating Increased to Buy at Northcoast Research

Mueller Industries (NYSE:MLI) was upgraded by investment analysts at Northcoast Research from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage presently has a $105.00 price objective on the industrial products company’s stock. Northcoast Research’s price objective suggests a potential upside of 30.99% from the company’s previous close.

Mueller Industries Trading Up 2.7 %

Shares of MLI opened at $80.16 on Wednesday. The business’s 50-day moving average price is $81.53 and its 200 day moving average price is $70.24. The stock has a market capitalization of $9.12 billion, a P/E ratio of 15.57 and a beta of 0.99. Mueller Industries has a 1-year low of $41.94 and a 1-year high of $96.81.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.16. The firm had revenue of $997.80 million for the quarter, compared to analysts’ expectations of $936.00 million. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. Mueller Industries’s revenue was up 21.7% on a year-over-year basis.

Insider Buying and Selling at Mueller Industries

In related news, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the transaction, the director now owns 17,733 shares in the company, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total transaction of $83,090.00. Following the completion of the sale, the director now owns 94,914 shares of the company’s stock, valued at $7,886,404.26. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC raised its position in Mueller Industries by 113.8% in the second quarter. CWM LLC now owns 1,768 shares of the industrial products company’s stock worth $101,000 after purchasing an additional 941 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Mueller Industries by 314.6% during the 2nd quarter. SG Americas Securities LLC now owns 38,041 shares of the industrial products company’s stock worth $2,166,000 after purchasing an additional 28,865 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Mueller Industries in the 2nd quarter valued at about $250,000. Blue Trust Inc. boosted its stake in shares of Mueller Industries by 46.0% during the 2nd quarter. Blue Trust Inc. now owns 3,800 shares of the industrial products company’s stock worth $205,000 after acquiring an additional 1,197 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of Mueller Industries by 3.5% in the second quarter. Raymond James & Associates now owns 61,622 shares of the industrial products company’s stock valued at $3,509,000 after purchasing an additional 2,063 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

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.