Mueller Industries (NYSE:MLI) Director Sells 2,000 Shares of Company Stock

Mueller Industries, Inc. (NYSE:MLI) Director John Hansen sold 2,000 shares of the firm’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $55.40, for a total transaction of $110,800.00. Following the transaction, the director owned 179,078 shares of the company’s stock, valued at $9,920,921.20. This trade represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Mueller Industries Price Performance

MLI traded up $0.51 during midday trading on Monday, reaching $55.06. 412,802 shares of the company’s stock were exchanged, compared to its average volume of 1,543,860. Mueller Industries, Inc. has a 1-year low of $52.00 and a 1-year high of $71.12. The stock has a market capitalization of $12.00 billion, a PE ratio of 14.13 and a beta of 1.01. The business’s 50-day moving average price is $60.36 and its 200 day moving average price is $62.25.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.08). Mueller Industries had a return on equity of 25.23% and a net margin of 17.26%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the firm earned $1.88 earnings per share. The company’s revenue for the quarter was up 31.6% on a year-over-year basis.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were issued a $0.1750 dividend. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries’s payout ratio is 17.95%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday, July 16th. Wall Street Zen upgraded shares of Mueller Industries from a “hold” rating to a “buy” rating in a report on Sunday. Finally, Freedom Broker cut their price objective on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Three research analysts have rated the stock with a Buy rating. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $75.50.

Institutional Trading of Mueller Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Mueller Industries in the second quarter worth approximately $1,437,555,000. First Trust Advisors LP increased its position in Mueller Industries by 0.6% during the first quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock worth $619,839,000 after purchasing an additional 33,248 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Mueller Industries during the second quarter worth approximately $244,156,000. Bank of New York Mellon Corp purchased a new position in Mueller Industries during the second quarter worth approximately $131,286,000. Finally, Jupiter Topco LLC acquired a new position in shares of Mueller Industries in the 2nd quarter valued at $95,120,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

About Mueller Industries

Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.

The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.