Mueller Industries (NYSE:MLI) Hits New 1-Year High – Still a Buy?

Mueller Industries, Inc. (NYSE:MLI)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $141.90 and last traded at $140.9060, with a volume of 65890 shares changing hands. The stock had previously closed at $137.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Tuesday, April 21st. Northcoast Research lowered Mueller Industries from a “buy” rating to a “neutral” rating in a research report on Thursday, May 28th. Finally, Wall Street Zen lowered Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Mueller Industries has a consensus rating of “Moderate Buy”.

Mueller Industries Stock Up 1.9%

The stock’s fifty day simple moving average is $131.09 and its two-hundred day simple moving average is $122.68. The firm has a market cap of $15.52 billion, a PE ratio of 18.39 and a beta of 1.09.

Mueller Industries’s stock is scheduled to split on Wednesday, July 1st. The 2-1 split was announced on Monday, June 1st. The newly minted shares will be payable to shareholders after the market closes on Tuesday, June 30th.

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

Mueller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, June 5th. Mueller Industries’s dividend payout ratio (DPR) is currently 18.32%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of Mueller Industries stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $137.29, for a total value of $14,177,389.14. Following the completion of the transaction, the chief executive officer directly owned 804,911 shares of the company’s stock, valued at approximately $110,506,231.19. The trade was a 11.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Mueller Industries

Hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in shares of Mueller Industries by 181.4% in the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock worth $261,439,000 after purchasing an additional 1,666,891 shares in the last quarter. Norges Bank bought a new position in shares of Mueller Industries during the fourth quarter valued at $171,281,000. UBS Group AG boosted its position in shares of Mueller Industries by 837.0% during the third quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock valued at $129,819,000 after buying an additional 1,146,919 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in Mueller Industries by 136.5% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock worth $185,561,000 after buying an additional 966,840 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Mueller Industries by 36.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,528,013 shares of the industrial products company’s stock worth $290,216,000 after buying an additional 679,958 shares in the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

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.