Mueller Industries (NYSE:MLI) Reaches New 1-Year High – Here’s Why

Mueller Industries, Inc. (NYSE:MLI)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $116.38 and last traded at $116.10, with a volume of 29089 shares trading hands. The stock had previously closed at $115.60.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy”.

Mueller Industries Stock Up 1.5%

The firm has a market capitalization of $13.02 billion, a price-to-earnings ratio of 17.51 and a beta of 1.04. The firm’s 50 day moving average is $107.58 and its 200 day moving average is $95.81.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.11). The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $942.00 million. Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. Mueller Industries’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.48 EPS.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Friday, December 5th. Mueller Industries’s dividend payout ratio (DPR) is presently 14.93%.

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 4,234 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total value of $459,981.76. Following the completion of the sale, the director directly owned 41,745 shares of the company’s stock, valued at $4,535,176.80. This represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory L. Christopher sold 158,000 shares of the stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the completion of the sale, the chief executive officer owned 1,119,241 shares of the company’s stock, valued at approximately $116,759,221.12. The trade was a 12.37% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 355,234 shares of company stock worth $36,944,652. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Finivi Inc. grew its stake in shares of Mueller Industries by 3.6% in the 3rd quarter. Finivi Inc. now owns 12,359 shares of the industrial products company’s stock valued at $1,250,000 after buying an additional 429 shares in the last quarter. Advisors Management Group Inc. ADV lifted its stake in Mueller Industries by 29.8% in the third quarter. Advisors Management Group Inc. ADV now owns 66,224 shares of the industrial products company’s stock valued at $6,696,000 after acquiring an additional 15,200 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in shares of Mueller Industries during the 3rd quarter worth $225,000. Allworth Financial LP raised its holdings in shares of Mueller Industries by 3,487.8% during the 3rd quarter. Allworth Financial LP now owns 1,758 shares of the industrial products company’s stock valued at $178,000 after purchasing an additional 1,709 shares in the last quarter. Finally, Swiss Life Asset Management Ltd lifted its stake in shares of Mueller Industries by 75.2% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 4,868 shares of the industrial products company’s stock valued at $492,000 after purchasing an additional 2,089 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

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.