Mueller Industries (NYSE:MLI) Reaches New 1-Year High – Here’s Why

by · The Markets Daily

Shares of Mueller Industries, Inc. (NYSE:MLI – Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $111.85 and last traded at $111.20, with a volume of 299633 shares. The stock had previously closed at $109.67.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Mueller Industries has an average rating of “Buy” and a consensus price target of $105.00.

Check Out Our Latest Stock Report on Mueller Industries

Mueller Industries Stock Performance

The firm has a fifty day simple moving average of $103.95 and a two-hundred day simple moving average of $92.32. The firm has a market cap of $12.28 billion, a PE ratio of 16.51 and a beta of 1.04.

Mueller Industries (NYSE:MLI – Get Free Report) last issued its quarterly earnings data on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.11). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $942.00 million. During the same period last year, the company earned $1.48 earnings per share. The firm’s revenue was up 8.0% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. Mueller Industries’s dividend payout ratio (DPR) is presently 14.93%.

Insiders Place Their Bets

In other news, CEO Gregory L. Christopher sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $103.42, for a total transaction of $5,171,000.00. Following the transaction, the chief executive officer owned 1,069,241 shares of the company’s stock, valued at approximately $110,580,904.22. The trade was a 4.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total value of $105,710.00. Following the sale, the director owned 91,664 shares in the company, valued at $9,689,801.44. The trade was a 1.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 355,234 shares of company stock valued at $36,944,652 over the last ninety days. 2.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Mueller Industries

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cetera Investment Advisers grew its stake in shares of Mueller Industries by 11.8% during the first quarter. Cetera Investment Advisers now owns 17,581 shares of the industrial products company’s stock valued at $1,339,000 after buying an additional 1,849 shares during the last quarter. LPL Financial LLC boosted its holdings in Mueller Industries by 3.6% during the 1st quarter. LPL Financial LLC now owns 166,836 shares of the industrial products company’s stock valued at $12,703,000 after acquiring an additional 5,795 shares during the period. Mackenzie Financial Corp grew its position in Mueller Industries by 146.0% in the 1st quarter. Mackenzie Financial Corp now owns 8,852 shares of the industrial products company’s stock valued at $674,000 after acquiring an additional 5,254 shares during the last quarter. Federated Hermes Inc. increased its stake in Mueller Industries by 145.1% in the first quarter. Federated Hermes Inc. now owns 28,849 shares of the industrial products company’s stock worth $2,197,000 after purchasing an additional 17,078 shares during the period. Finally, Natixis Advisors LLC lifted its position in shares of Mueller Industries by 398.6% during the first quarter. Natixis Advisors LLC now owns 103,089 shares of the industrial products company’s stock worth $7,849,000 after purchasing an additional 82,415 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Company Profile

(Get Free Report)

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.

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