Mueller Industries (NYSE:MLI) Sets New 12-Month High – Here’s Why

Mueller Industries, Inc. (NYSE:MLI) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $110.00 and last traded at $109.8040, with a volume of 102659 shares changing hands. The stock had previously closed at $108.00.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $105.00.

Mueller Industries Trading Up 1.8%

The firm has a market capitalization of $12.20 billion, a P/E ratio of 16.41 and a beta of 1.04. The business has a 50-day moving average of $102.92 and a 200 day moving average of $91.20.

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

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Friday, December 5th. Mueller Industries’s payout ratio is 14.93%.

Insider Buying and Selling at Mueller Industries

In related news, CEO Gregory L. Christopher sold 158,000 shares of the company’s stock in a transaction dated Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total value of $16,482,560.00. Following the sale, the chief executive officer owned 1,119,241 shares in the company, valued at $116,759,221.12. This represents a 12.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Thursday, October 23rd. The shares were 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 in the company, valued at approximately $9,689,801.44. The trade was a 1.08% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 351,000 shares of company stock worth $36,484,670. Corporate insiders own 2.70% of the company’s stock.

Institutional Trading of Mueller Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. First Trust Advisors LP lifted its holdings in shares of Mueller Industries by 3.0% in the third quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock valued at $570,176,000 after purchasing an additional 166,218 shares in the last quarter. Invesco Ltd. boosted its holdings in Mueller Industries by 0.4% during the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company’s stock worth $213,160,000 after acquiring an additional 10,968 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Mueller Industries by 181.4% in the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock worth $261,439,000 after acquiring an additional 1,666,891 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Mueller Industries by 3.4% in the third 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 purchasing an additional 77,330 shares during the last quarter. Finally, LSV Asset Management lifted its position in shares of Mueller Industries by 0.9% during the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after purchasing an additional 16,757 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.