Mueller Industries (NYSE:MLI – Free Report) had its price target decreased by Freedom Broker from $80.00 to $76.00 in a research report report published on Thursday,Benzinga reports. Freedom Broker currently has a buy rating on the industrial products company’s stock.
Other research analysts have also issued reports about the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Thursday, July 16th. Finally, Wall Street Zen lowered shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Three research analysts have rated the stock with a Buy rating. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $75.50.
Read Our Latest Analysis on Mueller Industries
Mueller Industries Stock Performance
Mueller Industries stock opened at $54.13 on Thursday. The company has a 50-day simple moving average of $61.26 and a 200-day simple moving average of $63.52. The firm has a market capitalization of $11.80 billion, a P/E ratio of 13.88 and a beta of 1.08. Mueller Industries has a one year low of $51.20 and a one year high of $71.12.
Mueller Industries (NYSE:MLI – Get Free Report) last released 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 firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.28 billion. Mueller Industries had a return on equity of 25.23% and a net margin of 17.26%. The firm’s revenue was up 31.6% on a year-over-year basis. During the same period last year, the business earned $1.88 EPS.
Mueller Industries Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a dividend of $0.1750 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Friday, September 4th. Mueller Industries’s payout ratio is 17.95%.
Insiders Place Their Bets
In other news, CEO Gregory L. Christopher sold 200,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the transaction, the chief executive officer directly owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hansen sold 2,444 shares of Mueller Industries stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total transaction of $165,507.68. Following the sale, the director owned 181,328 shares in the company, valued at approximately $12,279,532.16. This represents a 1.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 275,444 shares of company stock worth $18,885,398. 2.30% of the stock is owned by company insiders.
Hedge Funds Weigh In On Mueller Industries
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Mueller Industries during the 2nd quarter valued at about $29,000. Arlington Trust Co LLC bought a new stake in shares of Mueller Industries during the 2nd quarter worth about $30,000. NBT Bank N A NY lifted its stake in shares of Mueller Industries by 148.7% in the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 171 shares during the period. SJS Investment Consulting Inc. lifted its stake in shares of Mueller Industries by 28.4% in the 1st quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 82 shares during the period. Finally, Alpine Bank Wealth Management acquired a new stake in shares of Mueller Industries in the 3rd quarter worth approximately $25,000. 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.
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