Shares of Mueller Industries, Inc. (NYSE:MLI – Get Free Report) traded up 4.1% during trading on Wednesday . The company traded as high as $63.96 and last traded at $64.0150. 181,539 shares changed hands during trading, a decline of 88% from the average daily volume of 1,487,919 shares. The stock had previously closed at $61.51.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on MLI. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a report 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 research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $75.00.
Get Our Latest Stock Analysis on Mueller Industries
Mueller Industries Price Performance
Mueller Industries (NYSE:MLI – Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the company earned $1.96 EPS. Mueller Industries’s revenue was up 25.5% on a year-over-year basis.
Mueller Industries Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors 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 dividend yield of 1.1%. The ex-dividend date is Friday, September 4th. Mueller Industries’s payout ratio is presently 18.23%.
Insider Activity at Mueller Industries
In related news, Director Scott Jay Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the sale, the director directly owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total transaction of $68,130.00. Following the completion of the transaction, the director owned 29,000 shares in the company, valued at approximately $1,975,770. This trade represents a 3.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 275,444 shares of company stock valued at $18,885,398 over the last ninety days. Insiders own 2.30% of the company’s stock.
Hedge Funds Weigh In On Mueller Industries
A number of hedge funds have recently modified their holdings of the stock. Fifth Third Bancorp lifted its holdings in shares of Mueller Industries by 2.2% during the fourth quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock valued at $400,000 after purchasing an additional 75 shares during the last quarter. SJS Investment Consulting Inc. boosted its position in shares of Mueller Industries by 28.4% in the 1st quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 82 shares during the period. Root Financial Partners LLC increased its stake in Mueller Industries by 19.6% in the 1st quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company’s stock worth $57,000 after purchasing an additional 84 shares in the last quarter. Florida Financial Advisors LLC raised its holdings in Mueller Industries by 3.7% during the 4th quarter. Florida Financial Advisors LLC now owns 2,510 shares of the industrial products company’s stock worth $288,000 after buying an additional 89 shares during the period. Finally, Parkside Financial Bank & Trust raised its holdings in Mueller Industries by 4.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,100 shares of the industrial products company’s stock worth $241,000 after buying an additional 99 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.
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.
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