Mueller Industries (MLI) Cut to “C+” at TheStreet

TheStreet downgraded shares of Mueller Industries (NYSE:MLI) from a b- rating to a c+ rating in a research report released on Monday.

MLI has been the subject of several other research reports. ValuEngine downgraded shares of Mueller Industries from a hold rating to a sell rating in a research report on Monday, September 17th. Boenning Scattergood reissued a hold rating on shares of Mueller Industries in a research report on Tuesday, October 23rd. Finally, Zacks Investment Research downgraded shares of Mueller Industries from a hold rating to a strong sell rating in a research report on Friday, October 26th.

Shares of MLI stock opened at $24.48 on Monday. Mueller Industries has a 12 month low of $23.32 and a 12 month high of $37.57. The company has a current ratio of 3.12, a quick ratio of 1.83 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 16.43 and a beta of 1.44.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, October 23rd. The industrial products company reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.04). The company had revenue of $645.96 million during the quarter, compared to the consensus estimate of $583.39 million. Mueller Industries had a return on equity of 15.29% and a net margin of 3.37%. Sell-side analysts forecast that Mueller Industries will post 1.5 EPS for the current fiscal year.

In related news, Director Terry Hermanson bought 4,000 shares of the company’s stock in a transaction dated Thursday, October 25th. The stock was bought at an average price of $25.04 per share, with a total value of $100,160.00. Following the transaction, the director now owns 29,126 shares of the company’s stock, valued at $729,315.04. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Scott Jay Goldman bought 1,000 shares of the company’s stock in a transaction dated Friday, August 24th. The stock was bought at an average cost of $33.24 per share, with a total value of $33,240.00. Following the transaction, the director now directly owns 11,000 shares in the company, valued at approximately $365,640. The disclosure for this purchase can be found here. Insiders bought a total of 12,000 shares of company stock valued at $311,900 in the last three months. Insiders own 2.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in MLI. JPMorgan Chase & Co. increased its position in shares of Mueller Industries by 13.0% in the 1st quarter. JPMorgan Chase & Co. now owns 163,761 shares of the industrial products company’s stock worth $4,284,000 after purchasing an additional 18,847 shares during the last quarter. Guggenheim Capital LLC grew its position in shares of Mueller Industries by 3.0% during the 1st quarter. Guggenheim Capital LLC now owns 183,672 shares of the industrial products company’s stock valued at $4,805,000 after buying an additional 5,407 shares during the last quarter. Legal & General Group Plc grew its position in shares of Mueller Industries by 4.4% during the 1st quarter. Legal & General Group Plc now owns 121,564 shares of the industrial products company’s stock valued at $3,167,000 after buying an additional 5,168 shares during the last quarter. First National Bank of Omaha grew its position in shares of Mueller Industries by 39.3% during the 2nd quarter. First National Bank of Omaha now owns 95,600 shares of the industrial products company’s stock valued at $2,821,000 after buying an additional 26,990 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Mueller Industries by 100.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,000 shares of the industrial products company’s stock valued at $295,000 after buying an additional 5,000 shares during the last quarter. 92.93% of the stock is owned by institutional investors.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, plastic fittings, line sets, and related components for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems.

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