Mueller Industries (NYSE:MLI) Lowered to “Buy” Rating by Wall Street Zen

Wall Street Zen lowered shares of Mueller Industries (NYSE:MLI) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday.

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Mueller Industries has an average rating of “Buy”.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $140.81 on Friday. The stock has a market capitalization of $15.57 billion, a price-to-earnings ratio of 18.43 and a beta of 1.13. Mueller Industries has a 1-year low of $72.16 and a 1-year high of $141.51. The company has a 50 day moving average price of $119.42 and a 200 day moving average price of $117.25.

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. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period last year, the firm posted $1.39 earnings per share.

Mueller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, March 13th. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.25. Mueller Industries’s payout ratio is presently 18.32%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of the business’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $137.29, for a total value of $14,177,389.14. Following the transaction, the chief executive officer directly owned 804,911 shares in the company, valued at $110,506,231.19. The trade was a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the transaction, the director owned 90,664 shares in the company, valued at approximately $10,581,395.44. This trade represents a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 108,696 shares of company stock worth $14,821,136. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Mueller Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in Mueller Industries by 2.0% in the first quarter. PNC Financial Services Group Inc. now owns 13,744 shares of the industrial products company’s stock valued at $1,523,000 after buying an additional 268 shares in the last quarter. Convergence Investment Partners LLC boosted its position in Mueller Industries by 48.7% in the first quarter. Convergence Investment Partners LLC now owns 20,130 shares of the industrial products company’s stock valued at $2,230,000 after buying an additional 6,595 shares in the last quarter. JSF Financial LLC boosted its position in Mueller Industries by 10.4% in the first quarter. JSF Financial LLC now owns 9,645 shares of the industrial products company’s stock valued at $1,069,000 after buying an additional 911 shares in the last quarter. Earned Wealth Advisors LLC boosted its position in Mueller Industries by 9.2% in the first quarter. Earned Wealth Advisors LLC now owns 2,627 shares of the industrial products company’s stock valued at $291,000 after buying an additional 222 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its position in shares of Mueller Industries by 33.8% during the first quarter. Meeder Asset Management Inc. now owns 37,358 shares of the industrial products company’s stock worth $4,139,000 after purchasing an additional 9,445 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

About Mueller Industries

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.