Mueller Industries (NYSE:MLI) Shares Down 6.7% After Analyst Downgrade

Mueller Industries, Inc. (NYSE:MLI) was down 6.7% during mid-day trading on Thursday after Northcoast Research downgraded the stock from a buy rating to a neutral rating. The company traded as low as $127.52 and last traded at $126.65. Approximately 65,144 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 755,592 shares. The stock had previously closed at $135.79.

Several other equities analysts have also recently issued reports on the stock. Wall Street Zen upgraded shares of Mueller Industries from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Insider Activity at Mueller Industries

In related news, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the sale, the chief executive officer directly owned 804,911 shares in the company, valued at $110,506,231.19. This represents a 11.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mueller Industries

A number of institutional investors have recently modified their holdings of MLI. Vanguard Group Inc. lifted its holdings in Mueller Industries by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 10,515,780 shares of the industrial products company’s stock valued at $1,207,212,000 after buying an additional 260,306 shares during the period. First Trust Advisors LP grew its holdings in Mueller Industries by 3.0% during the 3rd quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock worth $570,176,000 after acquiring an additional 166,218 shares during the period. AQR Capital Management LLC raised its position in shares of Mueller Industries by 56.8% in the 4th quarter. AQR Capital Management LLC now owns 4,054,565 shares of the industrial products company’s stock worth $465,464,000 after acquiring an additional 1,468,872 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Mueller Industries by 30.9% in the 4th quarter. Geode Capital Management LLC now owns 2,642,059 shares of the industrial products company’s stock worth $303,359,000 after acquiring an additional 624,210 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Mueller Industries by 36.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,528,013 shares of the industrial products company’s stock valued at $290,216,000 after purchasing an additional 679,958 shares during the period. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Performance

The business has a 50 day moving average price of $125.28 and a 200-day moving average price of $120.36. The company has a market capitalization of $13.82 billion, a price-to-earnings ratio of 16.41 and a beta of 1.13.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.67. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the company posted $1.39 earnings per share. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be paid a $0.35 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. Mueller Industries’s payout ratio is currently 18.32%.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.