Mueller Industries (NYSE:MLI) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Mueller Industries (NYSE:MLI) released its quarterly earnings results on Tuesday. The industrial products company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04, Zacks reports. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.27 billion. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The company’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.96 EPS.

Mueller Industries Stock Up 5.7%

Shares of NYSE MLI opened at $62.30 on Wednesday. The stock has a market cap of $13.78 billion, a PE ratio of 16.31 and a beta of 1.11. Mueller Industries has a 52-week low of $41.17 and a 52-week high of $70.95. The business has a 50-day moving average price of $64.12 and a 200 day moving average price of $62.17.

Mueller Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 1.1%. The ex-dividend date was Friday, June 5th. Mueller Industries’s dividend payout ratio is currently 18.32%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Mueller Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Friday. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries presently has an average rating of “Buy” and an average price target of $75.00.

Insider Transactions at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 206,532 shares of the firm’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $68.64, for a total transaction of $14,177,389.14. Following the transaction, the chief executive officer directly owned 1,609,822 shares of the company’s stock, valued at approximately $110,506,231.19. This trade represents a 11.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MLI. Brown Brothers Harriman & Co. acquired a new position in Mueller Industries during the fourth quarter worth about $34,000. Parallel Advisors LLC raised its stake in Mueller Industries by 141.5% in the 4th quarter. Parallel Advisors LLC now owns 384 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 225 shares during the last quarter. Atlas Capital Advisors Inc. purchased a new position in shares of Mueller Industries during the fourth quarter valued at approximately $48,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Mueller Industries by 108.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 261 shares during the period. Finally, Larson Financial Group LLC lifted its position in Mueller Industries by 51.7% during the third quarter. Larson Financial Group LLC now owns 915 shares of the industrial products company’s stock worth $92,000 after buying an additional 312 shares during the period. 94.50% of the stock is 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.