Mueller Industries (NYSE:MLI) Releases Quarterly Earnings Results, Misses Expectations By $0.28 EPS

Mueller Industries (NYSE:MLI) posted its quarterly earnings data on Tuesday. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $1.67 by ($0.28), Zacks reports. The firm had revenue of $962.39 million during the quarter, compared to analysts’ expectations of $928.00 million. Mueller Industries had a net margin of 18.31% and a return on equity of 24.70%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the business earned $1.21 earnings per share.

Mueller Industries Trading Down 8.2%

Shares of MLI stock opened at $113.53 on Thursday. Mueller Industries has a 52 week low of $66.84 and a 52 week high of $139.29. The company has a market cap of $12.60 billion, a PE ratio of 16.53 and a beta of 1.03. The company’s fifty day simple moving average is $120.90 and its 200-day simple moving average is $106.17.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, December 5th. Mueller Industries’s dividend payout ratio (DPR) is currently 14.56%.

Insider Activity

In other news, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the completion of the sale, the director directly owned 41,745 shares of the company’s stock, valued at $4,535,176.80. This represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.70% of the stock is owned by company insiders.

Institutional Trading of Mueller Industries

Hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its stake in Mueller Industries by 108.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 261 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Mueller Industries by 65.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,136 shares of the industrial products company’s stock valued at $90,000 after acquiring an additional 449 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Mueller Industries by 51.7% in the third quarter. Larson Financial Group LLC now owns 915 shares of the industrial products company’s stock worth $92,000 after acquiring an additional 312 shares during the last quarter. Employees Retirement System of Texas increased its stake in shares of Mueller Industries by 137.4% in the third quarter. Employees Retirement System of Texas now owns 1,009 shares of the industrial products company’s stock worth $102,000 after acquiring an additional 584 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of Mueller Industries by 14.9% during the third quarter. Quarry LP now owns 1,461 shares of the industrial products company’s stock worth $148,000 after acquiring an additional 190 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

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, Based on data from MarketBeat, the stock presently has an average rating of “Buy”.

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.