Mueller Industries (NYSE:MLI) Stock Price Down 5.3% – What’s Next?

Shares of Mueller Industries, Inc. (NYSE:MLI) dropped 5.3% during mid-day trading on Tuesday . The stock traded as low as $60.75 and last traded at $60.0760. 825,713 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 1,487,146 shares. The stock had previously closed at $63.45.

Wall Street Analysts Forecast Growth

MLI has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Wall Street Zen lowered Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Finally, 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 note on Thursday, July 16th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $75.00.

Mueller Industries Stock Down 5.0%

The stock has a 50 day simple moving average of $63.62 and a 200 day simple moving average of $62.47. The stock has a market cap of $13.33 billion, a price-to-earnings ratio of 15.66 and a beta of 1.11.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the business posted $1.96 EPS. Mueller Industries’s quarterly revenue was up 25.5% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, September 4th. Mueller Industries’s dividend payout ratio is currently 18.23%.

Insider Buying and Selling

In related news, Director John B. Hansen sold 2,444 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the sale, the director owned 181,328 shares of the company’s stock, valued at approximately $12,279,532.16. The trade was a 1.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gregory L. 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 completion of the sale, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. This represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 273,444 shares of company stock worth $18,757,238 in the last 90 days. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Crossmark Global Holdings Inc. increased its holdings in shares of Mueller Industries by 337.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 28,977 shares of the industrial products company’s stock worth $3,327,000 after buying an additional 22,347 shares during the last quarter. Vanguard Group Inc. raised its position in Mueller Industries by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 10,515,780 shares of the industrial products company’s stock valued at $1,207,212,000 after purchasing an additional 260,306 shares in the last quarter. Horizon Investments LLC lifted its stake in Mueller Industries by 12.7% during the fourth quarter. Horizon Investments LLC now owns 72,199 shares of the industrial products company’s stock worth $8,288,000 after purchasing an additional 8,137 shares during the last quarter. JLB & Associates Inc. bought a new position in shares of Mueller Industries during the 4th quarter valued at about $5,342,000. Finally, MUFG Securities EMEA plc purchased a new position in shares of Mueller Industries during the 4th quarter valued at about $15,268,000. Institutional investors own 94.50% of the company’s stock.

Mueller Industries Company Profile

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.