Mueller Industries (NYSE:MLI) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Mueller Industries (NYSE:MLI) issued its earnings results on Tuesday. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04, Zacks reports. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.

Mueller Industries Price Performance

Mueller Industries stock traded up $1.49 during trading hours on Tuesday, reaching $60.45. The company had a trading volume of 117,348 shares, compared to its average volume of 1,536,946. The firm has a market cap of $13.37 billion, a price-to-earnings ratio of 15.76 and a beta of 1.11. Mueller Industries has a 12-month low of $41.17 and a 12-month high of $70.95. The company has a 50-day moving average price of $64.26 and a 200 day moving average price of $62.14.

Mueller Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, June 5th. Mueller Industries’s dividend payout ratio (DPR) is 18.32%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Friday. Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, July 16th. Finally, Wall Street Zen raised Mueller Industries from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $75.00.

Insider Buying and Selling at Mueller Industries

In other news, CEO Gregory L. Christopher sold 206,532 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $68.64, for a total transaction of $14,177,389.14. Following the transaction, the chief executive officer directly owned 1,609,822 shares of the company’s stock, valued at approximately $110,506,231.19. The trade was a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Mueller Industries

Institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC increased its stake in Mueller Industries by 10.7% in the 1st quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock worth $1,121,000 after acquiring an additional 1,420 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Mueller Industries by 1.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company’s stock worth $17,563,000 after purchasing an additional 3,316 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Mueller Industries during the first quarter valued at $524,000. Northwestern Mutual Wealth Management Co. lifted its position in Mueller Industries by 108.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 261 shares during the last quarter. Finally, CW Advisors LLC increased its holdings in shares of Mueller Industries by 4.0% in the 2nd quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock worth $289,000 after buying an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

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.