Mueller Industries (NYSE:MLI) Reaches New 12-Month High – What’s Next?

by · The Markets Daily

Mueller Industries, Inc. (NYSE:MLI – Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $133.92 and last traded at $133.7250, with a volume of 116233 shares changing hands. The stock had previously closed at $131.11.

Analysts Set New Price Targets

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

Check Out Our Latest Report on Mueller Industries

Mueller Industries Stock Performance

The firm has a market capitalization of $14.85 billion, a P/E ratio of 19.97 and a beta of 1.04. The business has a fifty day moving average of $115.43 and a 200-day moving average of $102.66.

Mueller Industries (NYSE:MLI – Get Free Report) last announced its quarterly earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $942.00 million. During the same quarter last year, the firm posted $1.48 EPS. The company’s revenue was up 8.0% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Friday, December 5th. Mueller Industries’s dividend payout ratio is currently 14.93%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 4,234 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the completion of the transaction, the director directly owned 41,745 shares of the company’s stock, valued at approximately $4,535,176.80. This trade represents a 9.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total value of $105,710.00. Following the completion of the sale, the director directly owned 91,664 shares in the company, valued at $9,689,801.44. This represents a 1.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, 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

A number of institutional investors and hedge funds have recently bought and sold shares of MLI. Entropy Technologies LP acquired a new position in Mueller Industries during the second quarter valued at approximately $658,000. Ariose Capital Management Ltd acquired a new position in Mueller Industries in the 3rd quarter valued at $3,904,000. Advisors Management Group Inc. ADV raised its holdings in Mueller Industries by 51.0% in the 2nd quarter. Advisors Management Group Inc. ADV now owns 51,024 shares of the industrial products company’s stock worth $4,055,000 after acquiring an additional 17,239 shares during the period. Janney Montgomery Scott LLC lifted its position in Mueller Industries by 21.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 24,927 shares of the industrial products company’s stock worth $1,981,000 after acquiring an additional 4,370 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in Mueller Industries during the third quarter valued at about $1,503,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Company Profile

(Get Free Report)

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.

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