Shares of Mueller Industries, Inc. (NYSE:MLI – Get Free Report) hit a new 52-week high during trading on Thursday following a dividend announcement from the company. The stock traded as high as $70.99 and last traded at $70.6960, with a volume of 70858 shares. The stock had previously closed at $69.26.
The newly announced dividend which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries’s dividend payout ratio is currently 18.23%.
Analyst Ratings Changes
MLI has been the topic of a number of analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Thursday, July 16th. Finally, Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $75.00.
Mueller Industries Trading Down 0.8%
The business has a 50-day simple moving average of $63.87 and a 200 day simple moving average of $62.60. The stock has a market cap of $15.24 billion, a P/E ratio of 17.94 and a beta of 1.11.
Mueller Industries (NYSE:MLI – Get Free Report) last released its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The firm’s revenue was up 25.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.96 earnings per share.
Insiders Place Their Bets
In other news, Director John B. Hansen sold 2,444 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $67.72, for a total value of $165,507.68. Following the transaction, the director owned 181,328 shares in the company, valued at $12,279,532.16. The trade was a 1.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.30% of the company’s stock.
Institutional Trading of Mueller Industries
Several hedge funds and other institutional investors have recently modified their holdings of the business. Four Tree Island Advisory LLC bought a new position in shares of Mueller Industries in the second quarter valued at approximately $28,676,000. JLB & Associates Inc. purchased a new stake in Mueller Industries in the 2nd quarter worth approximately $11,979,000. Meeder Asset Management Inc. purchased a new stake in Mueller Industries in the 2nd quarter worth approximately $2,686,000. Citizens Financial Group Inc. RI bought a new position in Mueller Industries in the 2nd quarter valued at $650,000. Finally, Tortoise Investment Management LLC bought a new position in Mueller Industries in the 2nd quarter valued at $428,000. 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.
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