Gregory Christopher Sells 200,000 Shares of Mueller Industries (NYSE:MLI) Stock

Mueller Industries, Inc. (NYSE:MLI) CEO Gregory Christopher sold 200,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total value of $13,688,000.00. Following the sale, the chief executive officer owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. This represents a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Mueller Industries Stock Down 0.2%

MLI traded down $0.14 during trading on Wednesday, hitting $68.31. The company’s stock had a trading volume of 815,214 shares, compared to its average volume of 1,515,982. The business’s 50 day simple moving average is $64.05 and its 200-day simple moving average is $62.61. The firm has a market cap of $15.11 billion, a PE ratio of 17.79 and a beta of 1.11. Mueller Industries, Inc. has a one year low of $44.97 and a one year high of $71.12.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the company posted $1.96 earnings per share. Mueller Industries’s revenue for the quarter was up 25.5% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, September 4th. Mueller Industries’s dividend payout ratio is presently 18.23%.

Hedge Funds Weigh In On Mueller Industries

Several hedge funds have recently added to or reduced their stakes in MLI. Activest Wealth Management bought a new stake in Mueller Industries in the fourth quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Mueller Industries in the second quarter worth approximately $29,000. Arlington Trust Co LLC purchased a new stake in shares of Mueller Industries in the second quarter worth approximately $30,000. NBT Bank N A NY lifted its stake in shares of Mueller Industries by 148.7% during the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 171 shares during the last quarter. Finally, Brown Brothers Harriman & Co. bought a new stake in shares of Mueller Industries during the 4th quarter worth approximately $34,000. 94.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on MLI. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Finally, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 16th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $75.00.

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.