Mueller Industries (NYSE:MLI) Issues Earnings Results

Mueller Industries (NYSE:MLI) announced its earnings results on Tuesday. The industrial products company reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11), Zacks reports. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $942.00 million. Mueller Industries had a return on equity of 25.65% and a net margin of 18.10%.Mueller Industries’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.48 earnings per share.

Mueller Industries Trading Down 0.2%

Shares of Mueller Industries stock opened at $104.22 on Thursday. The firm has a market capitalization of $11.54 billion, a PE ratio of 15.55 and a beta of 1.02. The business’s 50-day moving average price is $97.89 and its 200-day moving average price is $85.48. Mueller Industries has a 12 month low of $66.84 and a 12 month high of $105.27.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, September 5th. Mueller Industries’s dividend payout ratio is currently 15.87%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the transaction, the director directly owned 92,664 shares in the company, valued at approximately $8,522,308.08. This represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Mueller Industries

Several institutional investors have recently modified their holdings of the company. Advisory Services Network LLC increased its position in shares of Mueller Industries by 87.5% during the 2nd quarter. Advisory Services Network LLC now owns 25,234 shares of the industrial products company’s stock valued at $2,154,000 after purchasing an additional 11,776 shares during the last quarter. Hudson Bay Capital Management LP purchased a new stake in Mueller Industries during the 2nd quarter valued at about $1,442,000. Nomura Holdings Inc. purchased a new stake in Mueller Industries during the 2nd quarter valued at about $941,000. FORA Capital LLC boosted its holdings in Mueller Industries by 117.3% during the 2nd quarter. FORA Capital LLC now owns 15,122 shares of the industrial products company’s stock valued at $1,202,000 after acquiring an additional 8,162 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in Mueller Industries by 1,401.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 81,422 shares of the industrial products company’s stock valued at $6,471,000 after acquiring an additional 76,000 shares during the period. 94.50% of the stock is currently owned by 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.