Mueller Industries (NYSE:MLI) Given New $76.00 Price Target at Freedom Broker

Mueller Industries (NYSE:MLI) had its target price lowered by investment analysts at Freedom Broker from $80.00 to $76.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Freedom Broker‘s target price would suggest a potential upside of 39.63% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, October 15th. Finally, Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Three investment analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $75.50.

Mueller Industries Stock Performance

Shares of MLI traded down $3.11 during mid-day trading on Thursday, reaching $54.43. The company had a trading volume of 2,911,852 shares, compared to its average volume of 1,534,676. The company has a market capitalization of $12.04 billion, a price-to-earnings ratio of 13.96 and a beta of 1.08. The firm has a 50-day moving average price of $61.74 and a 200 day moving average price of $63.59. Mueller Industries has a 52 week low of $51.20 and a 52 week high of $71.12.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.08). The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.28 billion. Mueller Industries had a net margin of 17.26% and a return on equity of 25.51%. The firm’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period last year, the business earned $1.88 EPS.

Insider Buying and Selling at Mueller Industries

In other news, CEO Gregory L. Christopher sold 200,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total value of $13,688,000.00. Following the completion of the transaction, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. The trade was a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total value of $68,130.00. Following the transaction, the director directly owned 29,000 shares in the company, valued at approximately $1,975,770. The trade was a 3.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 275,444 shares of company stock worth $18,885,398. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Mueller Industries

A number of hedge funds have recently bought and sold shares of the business. Alpine Bank Wealth Management bought a new position in Mueller Industries during the 3rd quarter valued at about $25,000. Activest Wealth Management grew its stake in shares of Mueller Industries by 80.4% in the third quarter. Activest Wealth Management now owns 424 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 189 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Mueller Industries in the second quarter worth approximately $29,000. Arlington Trust Co LLC bought a new stake in shares of Mueller Industries in the second quarter worth approximately $30,000. Finally, NBT Bank N A NY raised its holdings in shares of Mueller Industries by 148.7% during the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 171 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 manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.

The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.