Mueller Industries (NYSE:MLI) Upgraded to “Buy” at Northcoast Research

Mueller Industries (NYSE:MLI) was upgraded by stock analysts at Northcoast Research from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm presently has a $105.00 target price on the industrial products company’s stock. Northcoast Research’s price objective would suggest a potential upside of 26.60% from the stock’s previous close.

Mueller Industries Stock Performance

Shares of MLI stock opened at $82.94 on Wednesday. The firm’s 50 day moving average price is $81.99 and its two-hundred day moving average price is $70.42. Mueller Industries has a 52-week low of $41.94 and a 52-week high of $96.81. The stock has a market cap of $9.43 billion, a PE ratio of 16.10 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.16. The company had revenue of $997.80 million for the quarter, compared to the consensus estimate of $936.00 million. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%. The business’s revenue for the quarter was up 21.7% on a year-over-year basis.

Insider Buying and Selling

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the sale, the director now directly owns 17,733 shares in the company, valued at $1,632,145.32. This represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total value of $83,090.00. Following the transaction, the director now owns 94,914 shares in the company, valued at $7,886,404.26. This trade represents a 1.04 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Mueller Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in MLI. International Assets Investment Management LLC acquired a new stake in shares of Mueller Industries in the 2nd quarter valued at about $26,000. Federated Hermes Inc. acquired a new stake in Mueller Industries in the 2nd quarter valued at approximately $28,000. GAMMA Investing LLC lifted its stake in Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 146 shares in the last quarter. Westside Investment Management Inc. acquired a new position in Mueller Industries during the 3rd quarter worth approximately $41,000. Finally, Larson Financial Group LLC raised its holdings in shares of Mueller Industries by 61.7% in the second quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 369 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.