Mueller Industries (NYSE:MLI) Trading 4.1% Higher – Should You Buy?

Shares of Mueller Industries, Inc. (NYSE:MLI) shot up 4.1% during mid-day trading on Wednesday . The stock traded as high as $63.96 and last traded at $64.0150. 181,539 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,487,919 shares. The stock had previously closed at $61.51.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. 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 research report on Thursday, July 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $75.00.

Mueller Industries Stock Up 3.8%

The firm has a fifty day moving average price of $63.47 and a 200 day moving average price of $62.50. The company has a market cap of $14.12 billion, a P/E ratio of 16.61 and a beta of 1.11.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the company posted $1.96 EPS. The company’s quarterly revenue was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a dividend of $0.175 per share. The ex-dividend date is Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.1%. Mueller Industries’s payout ratio is presently 18.23%.

Insider Buying and Selling at Mueller Industries

In related news, Director John B. Hansen sold 2,444 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $67.72, for a total value of $165,507.68. Following the transaction, the director owned 181,328 shares in the company, valued at $12,279,532.16. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory L. Christopher sold 200,000 shares of Mueller Industries stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total value of $13,688,000.00. Following the completion of the sale, the chief executive officer owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. The trade was a 11.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 273,444 shares of company stock worth $18,757,238 in the last ninety days. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Mueller Industries

Several large investors have recently bought and sold shares of the business. Activest Wealth Management acquired a new stake in Mueller Industries during the 4th quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Mueller Industries during the second quarter worth $29,000. Arlington Trust Co LLC acquired a new stake in shares of Mueller Industries during the second quarter worth $30,000. NBT Bank N A NY increased its holdings in Mueller Industries by 148.7% in the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 171 shares during the last quarter. Finally, Western Pacific Wealth Management LP acquired a new position in Mueller Industries in the first quarter valued at about $34,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

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.