Mueller Industries (NYSE:MLI) Shares Gap Down – Here’s What Happened

Mueller Industries, Inc. (NYSE:MLI) gapped down before the market opened on Tuesday . The stock had previously closed at $139.18, but opened at $124.00. Mueller Industries shares last traded at $123.5240, with a volume of 292,904 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy”.

Mueller Industries Stock Down 11.1%

The firm has a market capitalization of $13.73 billion, a P/E ratio of 18.58 and a beta of 1.03. The stock has a fifty day moving average of $120.53 and a 200-day moving average of $105.84.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, December 5th. Mueller Industries’s dividend payout ratio is 14.93%.

Insider Transactions at Mueller Industries

In related news, Director Scott Jay Goldman sold 4,234 shares of the business’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the completion of the transaction, the director owned 41,745 shares of the company’s stock, valued at $4,535,176.80. The trade was a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mueller Industries

A number of hedge funds have recently modified their holdings of MLI. JFS Wealth Advisors LLC grew its position in shares of Mueller Industries by 121.1% during the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock worth $25,000 after buying an additional 138 shares during the period. Activest Wealth Management purchased a new position in Mueller Industries during the 4th quarter worth $27,000. Cary Street Partners Investment Advisory LLC boosted its stake in shares of Mueller Industries by 228.7% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock worth $31,000 after buying an additional 215 shares during the last quarter. Employees Retirement System of Texas purchased a new stake in Mueller Industries during the second quarter worth about $34,000. Finally, Root Financial Partners LLC bought a new stake in shares of Mueller Industries in the third quarter valued at $38,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Company Profile

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.