Mueller Industries (NYSE:MLI) Shares Gap Down – Should You Sell?
by Sarita Garza · The Markets DailyMueller Industries, Inc. (NYSE:MLI – Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $139.18, but opened at $124.00. Mueller Industries shares last traded at $123.5240, with a volume of 292,904 shares.
Analysts Set New Price Targets
Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy”.
View Our Latest Stock Report on MLI
Mueller Industries Price Performance
The stock has a market capitalization of $13.73 billion, a PE ratio of 18.58 and a beta of 1.03. The business has a 50 day moving average price of $120.53 and a 200 day moving average price of $105.84.
Mueller Industries Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.8%. The ex-dividend date was Friday, December 5th. Mueller Industries’s dividend payout ratio (DPR) is presently 14.93%.
Insider Activity at Mueller Industries
In other news, Director Scott Jay Goldman sold 4,234 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following the completion of the transaction, the director directly owned 41,745 shares of the company’s stock, valued at $4,535,176.80. The trade was a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.70% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Mueller Industries
A number of hedge funds have recently modified their holdings of the business. Sequoia Financial Advisors LLC increased its holdings in Mueller Industries by 42.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 13,217 shares of the industrial products company’s stock worth $1,517,000 after acquiring an additional 3,960 shares in the last quarter. QRG Capital Management Inc. lifted its stake in shares of Mueller Industries by 10.2% during the 4th quarter. QRG Capital Management Inc. now owns 21,745 shares of the industrial products company’s stock worth $2,496,000 after acquiring an additional 2,006 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new stake in Mueller Industries during the 4th quarter valued at about $318,000. Addison Capital Co boosted its holdings in shares of Mueller Industries by 5.1% in the fourth quarter. Addison Capital Co now owns 60,508 shares of the industrial products company’s stock valued at $6,946,000 after purchasing an additional 2,948 shares during the period. Finally, Horizon Investments LLC grew its position in shares of Mueller Industries by 12.7% during the 4th quarter. Horizon Investments LLC now owns 72,199 shares of the industrial products company’s stock worth $8,288,000 after buying an additional 8,137 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.
About Mueller Industries
Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.
The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.