Mueller Industries (NYSE:MLI) Cut to “Neutral” at Northcoast Research

Mueller Industries (NYSE:MLI) was downgraded by analysts at Northcoast Research from a “buy” rating to a “neutral” rating in a research note issued on Thursday.

Several other research firms have also recently weighed in on MLI. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. Wall Street Zen upgraded Mueller Industries from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. One research 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 company presently has an average rating of “Moderate Buy”.

Mueller Industries Stock Down 2.0%

Mueller Industries stock opened at $135.69 on Thursday. The business’s 50-day simple moving average is $125.28 and its 200 day simple moving average is $120.36. The stock has a market cap of $15.00 billion, a price-to-earnings ratio of 17.76 and a beta of 1.13. Mueller Industries has a 12-month low of $72.16 and a 12-month high of $141.51.

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

Insider Buying and Selling at Mueller Industries

In related news, CEO Gregory L. Christopher sold 103,266 shares of the business’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 transaction of $14,177,389.14. Following the transaction, the chief executive officer directly owned 804,911 shares of the company’s stock, valued at approximately $110,506,231.19. The trade was a 11.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLI. JFS Wealth Advisors LLC lifted its position in shares of Mueller Industries by 121.1% during the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 138 shares during the period. Activest Wealth Management bought a new stake in shares of Mueller Industries during the 4th quarter valued at $27,000. Cary Street Partners Investment Advisory LLC lifted its position in shares of Mueller Industries by 228.7% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 215 shares during the period. NBT Bank N A NY lifted its position in shares of Mueller Industries by 148.7% during the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 171 shares during the period. Finally, Western Pacific Wealth Management LP bought a new stake in shares of Mueller Industries during the 1st quarter valued at $34,000. 94.50% of the stock is owned by institutional investors and hedge funds.

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.