Mueller Industries (NYSE:MLI) Reaches New 52-Week High – Here’s What Happened

Mueller Industries, Inc. (NYSE:MLI)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $141.90 and last traded at $140.9060, with a volume of 65890 shares trading hands. The stock had previously closed at $137.75.

Analyst Ratings Changes

Several analysts have recently weighed in on MLI shares. Northcoast Research cut shares of Mueller Industries from a “buy” rating to a “neutral” rating in a research note on Thursday, May 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Tuesday, April 21st. Finally, Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Mueller Industries Stock Performance

The stock has a market cap of $15.27 billion, a PE ratio of 18.07 and a beta of 1.09. The stock’s 50-day moving average is $132.15 and its two-hundred day moving average is $123.07.

Mueller Industries’s stock is set to split before the market opens on Wednesday, July 1st. The 2-1 split was announced on Monday, June 1st. The newly created shares will be payable to shareholders after the closing bell on Tuesday, June 30th.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.67. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the company posted $1.39 EPS.

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. Mueller Industries’s dividend payout ratio (DPR) is presently 18.32%.

Insider Buying and Selling at Mueller Industries

In related news, CEO Gregory L. Christopher sold 103,266 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the completion of the transaction, the chief executive officer owned 804,911 shares of the company’s stock, valued at approximately $110,506,231.19. This trade represents a 11.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Mueller Industries

A number of hedge funds have recently made changes to their positions in the stock. Riggs Asset Managment Co. Inc. purchased a new position in Mueller Industries in the 3rd quarter valued at approximately $7,158,000. Crossmark Global Holdings Inc. boosted its position in Mueller Industries by 337.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 28,977 shares of the industrial products company’s stock valued at $3,327,000 after buying an additional 22,347 shares during the period. Pallas Capital Advisors LLC boosted its position in Mueller Industries by 88.4% in the 4th quarter. Pallas Capital Advisors LLC now owns 10,344 shares of the industrial products company’s stock valued at $1,187,000 after buying an additional 4,853 shares during the period. Advisors Management Group Inc. ADV boosted its position in Mueller Industries by 29.8% in the 3rd quarter. Advisors Management Group Inc. ADV now owns 66,224 shares of the industrial products company’s stock valued at $6,696,000 after buying an additional 15,200 shares during the period. Finally, Fox Run Management L.L.C. purchased a new position in Mueller Industries in the 3rd quarter valued at approximately $1,220,000. 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.