Mueller Industries (NYSE:MLI) Hits New 1-Year High – What’s Next?

Shares of Mueller Industries, Inc. (NYSE:MLI) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $124.20 and last traded at $124.0480, with a volume of 33329 shares. The stock had previously closed at $123.60.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Mueller Industries Stock Performance

The company has a market capitalization of $13.79 billion, a P/E ratio of 18.53 and a beta of 1.04. The business’s fifty day simple moving average is $112.37 and its 200-day simple moving average is $100.30.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $942.00 million. Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.48 EPS.

Mueller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, December 5th. Mueller Industries’s dividend payout ratio is 14.93%.

Insider Activity at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 158,000 shares of the stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the completion of the transaction, the chief executive officer owned 1,119,241 shares in the company, valued at $116,759,221.12. This trade represents a 12.37% 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. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total transaction of $105,710.00. Following the completion of the transaction, the director directly owned 91,664 shares of the company’s stock, valued at $9,689,801.44. The trade was a 1.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 355,234 shares of company stock valued at $36,944,652. 2.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MLI. First Trust Advisors LP increased its stake in Mueller Industries by 3.0% during the third quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock worth $570,176,000 after acquiring an additional 166,218 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Mueller Industries by 181.4% during the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock valued at $261,439,000 after purchasing an additional 1,666,891 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Mueller Industries by 3.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock valued at $232,900,000 after buying an additional 77,330 shares during the period. LSV Asset Management lifted its position in Mueller Industries by 0.9% in the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock worth $153,649,000 after buying an additional 16,757 shares during the last quarter. Finally, Norges Bank purchased a new position in Mueller Industries during the second quarter worth $127,287,000. Hedge funds and other 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.