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

Mueller Industries, Inc. (NYSE:MLI) shares hit a new 52-week high on Tuesday . The company traded as high as $111.85 and last traded at $111.20, with a volume of 299633 shares changing hands. The stock had previously closed at $109.67.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Mueller Industries has an average rating of “Buy” and an average target price of $105.00.

Mueller Industries Trading Up 0.9%

The firm has a market cap of $12.28 billion, a P/E ratio of 16.51 and a beta of 1.04. The business has a 50-day moving average price of $103.95 and a 200-day moving average price of $92.32.

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

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, December 5th. Mueller Industries’s dividend payout ratio is presently 14.93%.

Insider Activity at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total transaction of $105,710.00. Following the transaction, the director directly owned 91,664 shares of the company’s stock, valued at $9,689,801.44. This trade represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the sale, the director owned 41,745 shares of the company’s stock, valued at approximately $4,535,176.80. This represents a 9.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 355,234 shares of company stock valued at $36,944,652 over the last ninety days. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mueller Industries

A number of institutional investors have recently added to or reduced their stakes in MLI. First Trust Advisors LP raised its holdings in Mueller Industries by 3.0% in the third quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock worth $570,176,000 after purchasing an additional 166,218 shares in the last quarter. Invesco Ltd. grew its position in shares of Mueller Industries by 0.4% in the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company’s stock worth $213,160,000 after buying an additional 10,968 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Mueller Industries by 181.4% during the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock worth $261,439,000 after acquiring an additional 1,666,891 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Mueller Industries by 3.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock valued at $232,900,000 after acquiring an additional 77,330 shares during the last quarter. Finally, LSV Asset Management boosted its stake in Mueller Industries by 0.9% in the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after acquiring an additional 16,757 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.