Mueller Industries (NYSE:MLI) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Mueller Industries (NYSE:MLI) from a strong-buy rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “Mueller Industries, Inc. is a leading manufacturer of copper tube and fittings; brass and copper alloy rod, bar and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; and fabricated tubular products. Mueller’s operations are located throughout the United States and in Canada, Mexico, Great Britain, and China. Mueller’s business is importantly linked to the construction of new homes; the improvement and reconditioning of existing homes and structures; and the commercial construction market which includes, office buildings, factories, hotels, hospitals, etc. “

Mueller Industries stock opened at $41.35 on Wednesday. The stock has a market capitalization of $2.36 billion, a PE ratio of 9.33 and a beta of 1.16. Mueller Industries has a 12 month low of $26.14 and a 12 month high of $48.06. The business has a 50 day simple moving average of $43.16 and a 200-day simple moving average of $43.83. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.99 and a quick ratio of 1.92.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, July 20th. The industrial products company reported $1.92 EPS for the quarter. The business had revenue of $1.01 billion during the quarter. Mueller Industries had a return on equity of 31.43% and a net margin of 8.03%. On average, equities research analysts anticipate that Mueller Industries will post 6.25 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 17th. Stockholders of record on Friday, September 3rd were given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date of this dividend was Thursday, September 2nd. Mueller Industries’s dividend payout ratio (DPR) is presently 21.14%.

Institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. increased its position in shares of Mueller Industries by 25.5% during the second quarter. Envestnet Asset Management Inc. now owns 33,448 shares of the industrial products company’s stock worth $1,449,000 after purchasing an additional 6,792 shares in the last quarter. UBS Group AG increased its position in shares of Mueller Industries by 13.7% during the first quarter. UBS Group AG now owns 63,603 shares of the industrial products company’s stock worth $2,630,000 after purchasing an additional 7,651 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Mueller Industries by 5.9% during the first quarter. JPMorgan Chase & Co. now owns 376,619 shares of the industrial products company’s stock worth $15,573,000 after purchasing an additional 20,849 shares in the last quarter. Alps Advisors Inc. purchased a new stake in shares of Mueller Industries during the first quarter worth approximately $323,000. Finally, Kingsview Wealth Management LLC purchased a new stake in shares of Mueller Industries during the first quarter worth approximately $818,000. Hedge funds and other institutional investors own 88.32% of the company’s stock.

Mueller Industries Company Profile

Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of domestic piping systems group, Canadian operations, European operations, trading group, Jiangsu Mueller-Xingrong Copper Industries Limited, and Jungwoo Metal Ind.

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