Mueller Industries (NYSE:MLI) Upgraded to Buy by StockNews.com

Mueller Industries (NYSE:MLI) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Mueller Industries Stock Down 0.1 %

MLI traded down $0.07 during midday trading on Monday, hitting $72.27. 335,512 shares of the company were exchanged, compared to its average volume of 416,397. The firm has a market capitalization of $4.10 billion, a P/E ratio of 6.35 and a beta of 1.11. Mueller Industries has a 1-year low of $57.10 and a 1-year high of $91.93. The firm’s 50 day moving average price is $80.88 and its 200-day moving average price is $77.13.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $3.12 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.72. Mueller Industries had a return on equity of 33.92% and a net margin of 17.46%. The firm had revenue of $897.00 million during the quarter, compared to analyst estimates of $1.04 billion. The firm’s revenue for the quarter was down 22.0% on a year-over-year basis.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 2,500 shares of Mueller Industries stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $78.33, for a total transaction of $195,825.00. Following the completion of the transaction, the director now owns 59,681 shares in the company, valued at approximately $4,674,812.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mueller Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC raised its holdings in Mueller Industries by 2.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,902 shares of the industrial products company’s stock valued at $515,000 after acquiring an additional 135 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Mueller Industries by 0.7% in the second quarter. Russell Investments Group Ltd. now owns 20,182 shares of the industrial products company’s stock worth $1,761,000 after purchasing an additional 135 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of Mueller Industries by 0.6% in the second quarter. Commonwealth Equity Services LLC now owns 24,554 shares of the industrial products company’s stock worth $2,143,000 after purchasing an additional 141 shares during the period. Metropolitan Life Insurance Co NY increased its holdings in shares of Mueller Industries by 4.4% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 3,439 shares of the industrial products company’s stock worth $203,000 after purchasing an additional 144 shares during the period. Finally, Metropolitan Life Insurance Co. NY increased its holdings in shares of Mueller Industries by 4.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 3,439 shares of the industrial products company’s stock worth $203,000 after purchasing an additional 144 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

About Mueller Industries

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; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.