Weiss Ratings Reaffirms “Buy (B)” Rating for Mueller Industries (NYSE:MLI)

Mueller Industries (NYSE:MLI)‘s stock had its “buy (b)” rating restated by equities researchers at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $100.42 on Wednesday. The company has a market cap of $11.12 billion, a P/E ratio of 15.94 and a beta of 1.02. The stock’s 50-day moving average is $95.56 and its 200-day moving average is $83.90. Mueller Industries has a 52-week low of $66.84 and a 52-week high of $102.75.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.34. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The firm’s quarterly revenue was up 14.1% on a year-over-year basis.

Insiders Place Their Bets

In related news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the sale, the director directly owned 92,664 shares of the company’s stock, valued at $8,522,308.08. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Mueller Industries

A number of institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. grew its position in Mueller Industries by 0.4% during the first quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company’s stock worth $213,160,000 after buying an additional 10,968 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Mueller Industries by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock worth $184,890,000 after buying an additional 42,599 shares in the last quarter. LSV Asset Management grew its position in Mueller Industries by 0.9% during the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock worth $153,649,000 after buying an additional 16,757 shares in the last quarter. Norges Bank acquired a new stake in Mueller Industries during the second quarter worth about $127,287,000. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in Mueller Industries by 15.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company’s stock worth $93,259,000 after buying an additional 166,012 shares in the last quarter. 94.50% of the stock is 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.