Gregory Christopher Sells 70,000 Shares of Mueller Industries (NYSE:MLI) Stock

Mueller Industries, Inc. (NYSE:MLI) CEO Gregory Christopher sold 70,000 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $69.08, for a total transaction of $4,835,600.00. Following the completion of the transaction, the chief executive officer directly owned 70,000 shares in the company, valued at $4,835,600. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Mueller Industries Price Performance

Mueller Industries stock opened at $66.68 on Friday. The stock has a market cap of $14.75 billion, a price-to-earnings ratio of 17.37 and a beta of 1.11. Mueller Industries, Inc. has a 1 year low of $44.97 and a 1 year high of $71.12. The firm has a 50-day moving average of $64.11 and a two-hundred day moving average of $62.62.

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

Mueller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.0%. The ex-dividend date is Friday, September 4th. Mueller Industries’s dividend payout ratio (DPR) is presently 18.23%.

Hedge Funds Weigh In On Mueller Industries

Several institutional investors have recently bought and sold shares of MLI. Activest Wealth Management bought a new stake in Mueller Industries during the 4th quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Mueller Industries in the 2nd quarter worth $29,000. Arlington Trust Co LLC purchased a new stake in shares of Mueller Industries during the 2nd quarter worth $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 purchasing an additional 171 shares during the last quarter. Finally, Western Pacific Wealth Management LP bought a new stake in Mueller Industries during the first quarter valued at about $34,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wall Street Zen cut Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. 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 report on Thursday, July 16th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price 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.