Mueller Industries (NYSE:MLI) Sets New 52-Week High – Here’s Why

Shares of Mueller Industries, Inc. (NYSE:MLI) hit a new 52-week high during trading on Wednesday . The company traded as high as $139.83 and last traded at $138.2880, with a volume of 28416 shares changing hands. The stock had previously closed at $136.26.

Wall Street Analyst Weigh In

MLI has been the subject of a number of research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. Wall Street Zen raised shares of Mueller Industries from a “hold” rating to a “strong-buy” rating in a report on Saturday, April 25th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy”.

Mueller Industries Stock Up 2.3%

The company’s 50 day moving average is $118.64 and its two-hundred day moving average is $116.69. The company has a market capitalization of $15.42 billion, a PE ratio of 18.25 and a beta of 1.13.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data on Tuesday, April 21st. The industrial products company reported $2.16 EPS for the quarter, beating the consensus estimate of $1.49 by $0.67. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. Mueller Industries’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.39 earnings per share.

Mueller Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.40 annualized dividend and a yield of 1.0%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. Mueller Industries’s payout ratio is 18.32%.

Insider Buying and Selling

In related news, CEO Gregory L. Christopher sold 103,266 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $137.29, for a total value of $14,177,389.14. Following the transaction, the chief executive officer owned 804,911 shares of the company’s stock, valued at $110,506,231.19. This trade represents a 11.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the transaction, the director directly owned 90,664 shares in the company, valued at $10,581,395.44. This represents a 1.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 108,696 shares of company stock valued at $14,821,136 in the last 90 days. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MLI. JFS Wealth Advisors LLC increased its position in Mueller Industries by 121.1% during the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 138 shares during the period. Activest Wealth Management purchased a new position in Mueller Industries during the 4th quarter valued at about $27,000. Cary Street Partners Investment Advisory LLC increased its position in Mueller Industries by 228.7% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 215 shares during the period. NBT Bank N A NY increased its position in 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 valued at $32,000 after purchasing an additional 171 shares during the period. Finally, Western Pacific Wealth Management LP purchased a new position in Mueller Industries during the 1st quarter valued at about $34,000. 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.