Mueller Industries (NYSE:MLI – Get Free Report) announced its quarterly earnings data on Tuesday. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.08), Zacks reports. Mueller Industries had a return on equity of 25.51% and a net margin of 17.26%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the business earned $1.88 earnings per share. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year.
Mueller Industries Stock Performance
MLI stock opened at $57.56 on Thursday. The company’s 50 day moving average price is $61.74 and its 200 day moving average price is $63.59. The firm has a market capitalization of $12.73 billion, a price-to-earnings ratio of 14.76 and a beta of 1.08. Mueller Industries has a fifty-two week low of $51.20 and a fifty-two week high of $71.12.
Mueller Industries Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.1750 dividend. This represents a $0.70 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries’s dividend payout ratio (DPR) is currently 17.95%.
Analysts Set New Price Targets
MLI has been the subject of several research analyst reports. Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday, July 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Two investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat, Mueller Industries has a consensus rating of “Buy” and an average price target of $75.00.
Insider Buying and Selling at Mueller Industries
In other news, CEO Gregory L. Christopher sold 200,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total value of $13,688,000.00. Following the completion of the sale, the chief executive officer directly owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. This represents a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total transaction of $128,160.00. Following the transaction, the director directly owned 79,734 shares in the company, valued at $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 275,444 shares of company stock worth $18,885,398 over the last ninety days. Corporate insiders own 2.30% of the company’s stock.
About Mueller Industries
Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.
The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.
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