Scott Jay Goldman Sells 2,000 Shares of Mueller Industries (NYSE:MLI) Stock

Mueller Industries, Inc. (NYSE:MLI) Director Scott Jay Goldman sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the sale, the director directly owned 79,734 shares of the company’s stock, valued at approximately $5,109,354.72. This represents a 2.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Mueller Industries Stock Performance

MLI stock opened at $62.79 on Friday. The company has a market capitalization of $13.89 billion, a PE ratio of 16.35 and a beta of 1.11. Mueller Industries, Inc. has a one year low of $47.11 and a one year high of $71.12. The company’s 50 day moving average price is $63.17 and its two-hundred day moving average price is $62.58.

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

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries’s dividend payout ratio (DPR) is 18.23%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MLI. Corient Private Wealth LP grew its stake in Mueller Industries by 13.4% in the second quarter. Corient Private Wealth LP now owns 24,893 shares of the industrial products company’s stock worth $3,060,000 after purchasing an additional 2,948 shares during the period. Amundi lifted its position in Mueller Industries by 3.9% during the second quarter. Amundi now owns 135,564 shares of the industrial products company’s stock valued at $8,332,000 after buying an additional 5,133 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Mueller Industries during the second quarter valued at $3,658,000. California State Teachers Retirement System boosted its holdings in shares of Mueller Industries by 11,988.1% during the 2nd quarter. California State Teachers Retirement System now owns 15,014,547 shares of the industrial products company’s stock valued at $1,845,738,000 after buying an additional 14,890,338 shares in the last quarter. Finally, HB Wealth Management LLC boosted its holdings in shares of Mueller Industries by 4.3% during the 2nd quarter. HB Wealth Management LLC now owns 9,287 shares of the industrial products company’s stock valued at $1,142,000 after buying an additional 384 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

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.