Mueller Industries (MLI) strong move last week on earnings and saw a big open market insider buy on 10/21 from a director of 11,399 shares at $47.71, a more than $540,000 investment. This is the largest open market buy in over four years in the name. MLI is breaking out of a weekly bull flag above $48 to new highs with a measured move to $56. Shares have traded well this year up over 40% and up 65% in the last 12 months. The $2.83B company trades 7.45X earnings, 0.90X sales, and 46.5X FCF with a 1% yield. MLI focuses on copper, brass, aluminum, and plastic products through their piping business as well as industrial metals. The latter works with plumbing and related tools while the latter provides for the energy, HVAC, refrigeration, and other industrial markets. MLI is coming off a strong quarter with record sales and profitability due to higher copper prices. They also continue to benefit from strong demand from building construction and significant backlogs in the industrial and energy space. MLI has been active shuffling their portfolio this year too and recently divested their fabricated tube products business and their majority stake in Die-Mold tool. Analysts have an average target for shares of $55. Boenning & Scattergood the only rating for the stock. They think the significant rally in copper prices creates a potentially major tailwind for Mueller Industries’ revenue and EPS given that many of its products are priced at a contractual spread to copper. Hedge fund ownership fell 6.5%.