Mueller Industries (NYSE:MLI) Director John Hansen Sells 2,444 Shares of Stock

Mueller Industries, Inc. (NYSE:MLI) Director John Hansen sold 2,444 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the completion of the sale, the director owned 181,328 shares in the company, valued at $12,279,532.16. This trade represents a 1.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Mueller Industries Stock Performance

Shares of MLI traded up $0.28 during mid-day trading on Wednesday, reaching $68.63. 124,483 shares of the company were exchanged, compared to its average volume of 1,528,796. Mueller Industries, Inc. has a 52 week low of $43.02 and a 52 week high of $70.95. The stock has a market capitalization of $15.18 billion, a PE ratio of 17.87 and a beta of 1.11. The business has a 50 day simple moving average of $63.64 and a two-hundred day simple moving average of $62.51.

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

Mueller Industries Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were given a $0.175 dividend. The ex-dividend date was Friday, June 5th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.0%. Mueller Industries’s payout ratio is 18.23%.

Wall Street Analyst Weigh In

MLI has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Finally, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a report on Thursday, July 16th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Mueller Industries presently has an average rating of “Buy” and a consensus target price of $75.00.

Institutional Trading of Mueller Industries

Hedge funds have recently modified their holdings of the stock. Wedge Capital Management L L P NC boosted its stake in Mueller Industries by 1.7% during the second quarter. Wedge Capital Management L L P NC now owns 129,143 shares of the industrial products company’s stock worth $15,876,000 after acquiring an additional 2,097 shares in the last quarter. Insight Wealth Strategies LLC increased its stake in Mueller Industries by 100.3% in the second quarter. Insight Wealth Strategies LLC now owns 5,044 shares of the industrial products company’s stock valued at $620,000 after purchasing an additional 2,526 shares in the last quarter. Family Wealth Partners LLC bought a new stake in Mueller Industries in the second quarter valued at $205,000. Ausbil Investment Management Ltd raised its holdings in shares of Mueller Industries by 84.4% during the second quarter. Ausbil Investment Management Ltd now owns 66,392 shares of the industrial products company’s stock valued at $8,162,000 after purchasing an additional 30,393 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in shares of Mueller Industries by 4.7% during the second quarter. Handelsbanken Fonder AB now owns 33,245 shares of the industrial products company’s stock valued at $4,087,000 after purchasing an additional 1,500 shares during the period. Institutional investors own 94.50% of the company’s stock.

About Mueller Industries

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.