The stock of Mueller Industries, Inc. (NYSE:MLI) hit a new 52-week high and has $51.06 target or 38.00% above today’s $37.00 share price. The 6 months bullish chart indicates low risk for the $2.22 billion company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $51.06 price target is reached, the company will be worth $843.60 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 162,212 shares traded hands. Mueller Industries, Inc. (NYSE:MLI) has risen 21.02% since April 15, 2016 and is uptrending. It has outperformed by 16.40% the S&P500.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment increased to 1.16 in 2016 Q2. Its up 0.06, from 1.1 in 2016Q1. The ratio is positive, as 11 funds sold all Mueller Industries, Inc. shares owned while 47 reduced positions. 12 funds bought stakes while 55 increased positions. They now own 52.49 million shares or 0.52% less from 52.76 million shares in 2016Q1.
The New York-based Metropolitan Life Ins has invested 0.01% in Mueller Industries, Inc. (NYSE:MLI). Ingalls And Snyder Limited Liability accumulated 10,050 shares or 0.02% of the stock. Tiaa Cref Ltd Liability Co accumulated 0.01% or 224,602 shares. Alliancebernstein Lp accumulated 0% or 123,300 shares. Whittier Co reported 3,336 shares or 0% of all its holdings. Employees Retirement Association Of Colorado holds 0% or 12,339 shares in its portfolio. Systematic Fincl Management Ltd Partnership holds 0.15% or 337,329 shares in its portfolio. The Connecticut-based Cubist Systematic Strategies Ltd Limited Liability Company has invested 0.02% in Mueller Industries, Inc. (NYSE:MLI). Creative Planning holds 0% of its portfolio in Mueller Industries, Inc. (NYSE:MLI) for 5,008 shares. Fincl Bank Of Montreal Can owns 821 shares or 0% of their US portfolio. Confluence Investment Management Ltd Liability Com last reported 66,592 shares in the company. Parametric Port Ltd holds 0.01% or 111,626 shares in its portfolio. Moreover, Loomis Sayles Company Lp has 0% invested in Mueller Industries, Inc. (NYSE:MLI) for 27 shares. Mutual Of America Mngmt Ltd Liability Com accumulated 0.29% or 425,115 shares. Ladenburg Thalmann Financial Services Inc holds 0% or 1,516 shares in its portfolio.
Insider Transactions: Since May 27, 2016, the stock had 0 insider purchases, and 3 sales for $1.23 million net activity. Christopher Gregory L. also sold $900,681 worth of Mueller Industries, Inc. (NYSE:MLI) shares. Another trade for 3,768 shares valued at $128,866 was made by CORMAN RICHARD W on Thursday, August 25. Another trade for 6,460 shares valued at $200,841 was made by FULVIO GENNARO J on Friday, May 27.
More recent Mueller Industries, Inc. (NYSE:MLI) news were published by: Streetinsider.com which released: “Form 4 MUELLER INDUSTRIES INC For: Nov 15 Filed by: CORMAN RICHARD W” on November 17, 2016. Also Marketwatch.com published the news titled: “Plus the latest data from Realtor.com on 21 home markets across the US” on April 18, 2011. Businesswire.com‘s news article titled: “Mueller Industries & Atlas Holdings Complete Tender Offer for Tecumseh …” with publication date: September 21, 2015 was also an interesting one.
MLI Company Profile
Mueller Industries, Inc. (Mueller), incorporated on October 3, 1990, is a maker of copper, brass, aluminum and plastic products. The Firm operates through two divisions: Plumbing & Refrigeration, and Original Equipment Manufacturers (OEM). The Company’s products include 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; fabricated tubular products; and steel nipples. The Firm also resells imported brass and plastic plumbing valves, malleable iron fittings, faucets and plumbing specialty products. Mueller’s activities are located throughout the United States and in Canada, Mexico, Great Britain, and China.
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