Mueller Industries (NYSE:MLI) Reaches New 12-Month High – Here’s What Happened

Mueller Industries, Inc. (NYSE:MLI)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $135.26 and last traded at $134.8280, with a volume of 39671 shares traded. The stock had previously closed at $133.82.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of “Buy”.

Mueller Industries Stock Up 1.9%

The stock’s 50-day simple moving average is $118.66 and its 200 day simple moving average is $104.60. The company has a market cap of $15.22 billion, a price-to-earnings ratio of 20.47 and a beta of 1.04.

Mueller Industries Dividend Announcement

The business also recently announced 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 0.7%. The ex-dividend date was Friday, December 5th. Mueller Industries’s dividend payout ratio (DPR) is 14.93%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the transaction, the director directly owned 41,745 shares in the company, valued at $4,535,176.80. This represents 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 currently owned by insiders.

Hedge Funds Weigh In On Mueller Industries

Several hedge funds have recently bought and sold shares of the company. US Asset Management LLC boosted its stake in shares of Mueller Industries by 3.5% in the fourth quarter. US Asset Management LLC now owns 2,425 shares of the industrial products company’s stock valued at $278,000 after purchasing an additional 81 shares during the period. Aviance Capital Partners LLC boosted its position in Mueller Industries by 2.3% in the 3rd quarter. Aviance Capital Partners LLC now owns 4,235 shares of the industrial products company’s stock valued at $428,000 after buying an additional 97 shares during the period. Covestor Ltd grew its stake in shares of Mueller Industries by 5.1% in the third quarter. Covestor Ltd now owns 2,162 shares of the industrial products company’s stock worth $218,000 after acquiring an additional 105 shares in the last quarter. UMB Bank n.a. increased its position in shares of Mueller Industries by 2.2% during the third quarter. UMB Bank n.a. now owns 5,394 shares of the industrial products company’s stock worth $545,000 after acquiring an additional 115 shares during the period. Finally, Ashton Thomas Private Wealth LLC raised its stake in shares of Mueller Industries by 3.4% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 3,546 shares of the industrial products company’s stock valued at $407,000 after acquiring an additional 116 shares in 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.