Mueller Industries, Inc. (NYSE:MLI) to Issue Quarterly Dividend of $0.35

Mueller Industries, Inc. (NYSE:MLI) declared a quarterly dividend on Friday, May 8th. Shareholders of record on Friday, June 5th will be paid a dividend of 0.35 per share by the industrial products company on Friday, June 19th. This represents a c) annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, June 5th.

Mueller Industries has raised its dividend by an average of 0.4%annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Mueller Industries has a payout ratio of 20.4% indicating that its dividend is sufficiently covered by earnings.

Mueller Industries Price Performance

Shares of Mueller Industries stock opened at $130.64 on Wednesday. The company’s fifty day simple moving average is $126.31 and its 200-day simple moving average is $120.77. The stock has a market capitalization of $14.44 billion, a PE ratio of 17.10 and a beta of 1.09. Mueller Industries has a 1-year low of $72.16 and a 1-year high of $141.51.

Mueller Industries shares are scheduled to split on Wednesday, July 1st. The 2-1 split was announced on Monday, June 1st. The newly created shares will be distributed to shareholders after the closing bell on Tuesday, June 30th.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.67. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the company posted $1.39 EPS. The company’s revenue was up 19.3% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MLI shares. Northcoast Research cut shares of Mueller Industries from a “buy” rating to a “neutral” rating in a research note on Thursday, May 28th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Tuesday, April 21st. Finally, Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Mueller Industries presently has an average rating of “Moderate Buy”.

Mueller Industries Company Profile

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.