Mueller Industries (NYSE:MLI) Hits New 52-Week High – Still a Buy?

Mueller Industries, Inc. (NYSE:MLI) shares hit a new 52-week high on Tuesday . The company traded as high as $108.12 and last traded at $108.03, with a volume of 829705 shares trading hands. The stock had previously closed at $105.87.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries has a consensus rating of “Buy” and a consensus price target of $105.00.

Mueller Industries Price Performance

The firm has a market cap of $11.99 billion, a PE ratio of 16.12 and a beta of 1.02. The company has a 50 day simple moving average of $99.89 and a 200-day simple moving average of $87.60.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.11). The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $942.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The firm’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.48 EPS.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total value of $105,710.00. Following the completion of the sale, the director owned 91,664 shares in the company, valued at approximately $9,689,801.44. The trade was a 1.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gregory L. Christopher sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $103.42, for a total value of $5,171,000.00. Following the completion of the sale, the chief executive officer owned 1,069,241 shares of the company’s stock, valued at $110,580,904.22. The trade was a 4.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 352,000 shares of company stock valued at $36,576,640 in the last quarter. Corporate insiders own 2.70% 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. Brooklyn Investment Group lifted its position in Mueller Industries by 267.3% in 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 bought a new stake in Mueller Industries in the first quarter valued at approximately $30,000. Wayfinding Financial LLC bought a new stake in Mueller Industries in the first quarter valued at approximately $34,000. Employees Retirement System of Texas bought a new stake in Mueller Industries in the second quarter valued at approximately $34,000. Finally, Root Financial Partners LLC bought a new position in shares of Mueller Industries during the third quarter valued at approximately $38,000. Institutional investors 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.