Mueller Industries (NYSE:MLI) Reaches New 12-Month High – Here’s Why

Mueller Industries, Inc. (NYSE:MLI)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $109.82 and last traded at $109.3880, with a volume of 31859 shares. The stock had previously closed at $108.28.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries presently has a consensus rating of “Buy” and a consensus price target of $105.00.

Mueller Industries Price Performance

The firm has a market cap of $12.14 billion, a P/E ratio of 16.32 and a beta of 1.04. The company has a fifty day moving average of $101.26 and a 200-day moving average of $89.13.

Mueller Industries (NYSE:MLI) last posted its 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). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.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 company earned $1.48 EPS. The business’s revenue was up 8.0% compared to the same quarter last year.

Mueller Industries Announces Dividend

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

Insider Buying and Selling

In other Mueller Industries news, 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 transaction, the director owned 91,664 shares of the company’s stock, valued at approximately $9,689,801.44. The trade was a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $103.42, for a total value of $5,171,000.00. Following the completion of the transaction, the chief executive officer owned 1,069,241 shares of the company’s stock, valued at $110,580,904.22. This trade represents a 4.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 351,000 shares of company stock valued at $36,484,670 over the last ninety days. 2.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MLI. JFS Wealth Advisors LLC raised its holdings in shares of Mueller Industries by 121.1% in the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 138 shares during the period. Brooklyn Investment Group grew its holdings in Mueller Industries by 267.3% during the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 278 shares during the period. Rise Advisors LLC purchased a new stake in Mueller Industries in the first quarter worth $30,000. Cary Street Partners Investment Advisory LLC raised its stake in shares of Mueller Industries by 228.7% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock valued at $31,000 after buying an additional 215 shares during the period. Finally, Employees Retirement System of Texas bought a new stake in shares of Mueller Industries in the second quarter valued at $34,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Company Profile

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.