Mueller Industries (NYSE:MLI) Hits New 1-Year High – What’s Next?

Mueller Industries, Inc. (NYSE:MLI) shares hit a new 52-week high during trading on Monday . The stock traded as high as $119.23 and last traded at $120.1410, with a volume of 67264 shares. The stock had previously closed at $116.81.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy”.

Mueller Industries Stock Performance

The stock has a 50 day moving average price of $110.80 and a 200 day moving average price of $98.72. The company has a market cap of $13.36 billion, a P/E ratio of 17.95 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results 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 business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $942.00 million. During the same quarter last year, the firm posted $1.48 EPS. The company’s quarterly revenue was up 8.0% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, December 5th. Mueller Industries’s dividend payout ratio (DPR) is presently 14.93%.

Insider Buying and Selling

In related news, CEO Gregory L. Christopher sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $103.42, for a total transaction of $5,171,000.00. Following the transaction, the chief executive officer directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total transaction of $105,710.00. Following the completion of the sale, the director owned 91,664 shares of the company’s stock, valued at approximately $9,689,801.44. The trade was a 1.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 355,234 shares of company stock worth $36,944,652. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mueller Industries

Several institutional investors and hedge funds have recently modified their holdings of MLI. Entropy Technologies LP bought a new position in shares of Mueller Industries during the 2nd quarter worth approximately $658,000. Advisors Management Group Inc. ADV grew its position in Mueller Industries by 51.0% in the second quarter. Advisors Management Group Inc. ADV now owns 51,024 shares of the industrial products company’s stock valued at $4,055,000 after purchasing an additional 17,239 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Mueller Industries by 21.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 24,927 shares of the industrial products company’s stock valued at $1,981,000 after buying an additional 4,370 shares during the last quarter. Caxton Associates LLP bought a new stake in Mueller Industries during the 2nd quarter worth about $859,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Mueller Industries by 1.9% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock worth $184,890,000 after buying an additional 42,599 shares during the last quarter. Institutional investors and hedge funds 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.