Mueller Industries (NYSE:MLI) Stock Rating Upgraded by Northcoast Research

Mueller Industries (NYSE:MLI) was upgraded by equities research analysts at Northcoast Research from a “neutral” rating to a “buy” rating in a report issued on Thursday, Marketbeat Ratings reports. The brokerage presently has a $75.00 price target on the industrial products company’s stock. Northcoast Research’s price target points to a potential upside of 30.46% from the stock’s current price.

MLI has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Mueller Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $75.00.

Mueller Industries Trading Down 1.5%

Shares of NYSE MLI opened at $57.49 on Thursday. The stock has a market cap of $12.71 billion, a P/E ratio of 15.05 and a beta of 1.11. The stock has a 50 day moving average of $64.91 and a two-hundred day moving average of $62.13. Mueller Industries has a twelve month low of $41.17 and a twelve month high of $70.95.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, April 21st. The industrial products company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.34. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same period last year, the firm posted $0.69 EPS. Mueller Industries’s revenue for the quarter was up 19.3% on a year-over-year basis.

Insider Activity at Mueller Industries

In related news, CEO Gregory L. Christopher sold 206,532 shares of Mueller Industries stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $68.64, for a total transaction of $14,177,389.14. Following the completion of the transaction, the chief executive officer directly owned 1,609,822 shares in the company, valued at $110,506,231.19. The trade was a 11.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Mueller Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MLI. Wedge Capital Management L L P NC lifted its holdings in Mueller Industries by 1.7% in the 2nd quarter. Wedge Capital Management L L P NC now owns 129,143 shares of the industrial products company’s stock valued at $15,876,000 after purchasing an additional 2,097 shares in the last quarter. Insight Wealth Strategies LLC raised its position in shares of Mueller Industries by 100.3% in the second quarter. Insight Wealth Strategies LLC now owns 5,044 shares of the industrial products company’s stock valued at $620,000 after buying an additional 2,526 shares during the last quarter. Family Wealth Partners LLC purchased a new position in shares of Mueller Industries during the second quarter valued at approximately $205,000. Ausbil Investment Management Ltd lifted its stake in shares of Mueller Industries by 84.4% during the second quarter. Ausbil Investment Management Ltd now owns 66,392 shares of the industrial products company’s stock valued at $8,162,000 after buying an additional 30,393 shares during the period. Finally, Handelsbanken Fonder AB boosted its position in Mueller Industries by 4.7% during the second quarter. Handelsbanken Fonder AB now owns 33,245 shares of the industrial products company’s stock worth $4,087,000 after acquiring an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

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.