Mueller Industries (NYSE:MLI) Reaches New 12-Month High – What’s Next?
by Tristan Rich · The Markets DailyMueller Industries, Inc. (NYSE:MLI – Get Free Report) hit a new 52-week high on Monday . The company traded as high as $124.20 and last traded at $124.0480, with a volume of 33329 shares changing hands. The stock had previously closed at $123.60.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy”.
View Our Latest Stock Analysis on MLI
Mueller Industries Price Performance
The firm has a market capitalization of $13.97 billion, a PE ratio of 18.78 and a beta of 1.04. The firm has a fifty day moving average price of $113.07 and a 200 day moving average price of $100.94.
Mueller Industries (NYSE:MLI – Get Free Report) last posted its quarterly earnings data 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). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $942.00 million. During the same quarter in the previous year, the firm posted $1.48 EPS. Mueller Industries’s quarterly revenue was up 8.0% on a year-over-year basis.
Mueller Industries Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, December 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. Mueller Industries’s payout ratio is currently 14.93%.
Insider Buying and Selling
In related news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total value of $105,710.00. Following the completion of the transaction, the director owned 91,664 shares of the company’s stock, valued at approximately $9,689,801.44. This trade represents a 1.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gregory L. Christopher sold 158,000 shares of the business’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the sale, the chief executive officer directly owned 1,119,241 shares in the company, valued at approximately $116,759,221.12. This trade represents a 12.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 355,234 shares of company stock valued at $36,944,652. Company insiders own 2.70% of the company’s stock.
Institutional Investors Weigh In On Mueller Industries
Hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC increased its holdings in shares of Mueller Industries by 181.4% in the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock valued at $261,439,000 after purchasing an additional 1,666,891 shares during the period. Norges Bank purchased a new position in Mueller Industries during the second quarter valued at approximately $127,287,000. UBS Group AG increased its stake in Mueller Industries by 837.0% in the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock valued at $129,819,000 after buying an additional 1,146,919 shares during the period. Qube Research & Technologies Ltd purchased a new stake in Mueller Industries in the 2nd quarter worth approximately $75,901,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Mueller Industries during the 2nd quarter valued at $54,751,000. 94.50% of the stock is owned by hedge funds and other institutional investors.
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.