Mueller Industries (NYSE:MLI) Reaches New 1-Year High at $56.66

Mueller Industries, Inc. (NYSE:MLI)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $56.66 and last traded at $56.51, with a volume of 88438 shares changing hands. The stock had previously closed at $53.54.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MLI shares. StockNews.com lowered Mueller Industries from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Northcoast Research restated a “neutral” rating on shares of Mueller Industries in a report on Friday, January 19th.

Mueller Industries Stock Up 0.9 %

The firm has a market cap of $6.58 billion, a P/E ratio of 10.91 and a beta of 1.08. The firm has a fifty day moving average of $51.95 and a 200-day moving average of $46.70.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter. Mueller Industries had a return on equity of 27.59% and a net margin of 17.63%. The business had revenue of $732.38 million for the quarter.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.15. Mueller Industries’s dividend payout ratio is presently 15.05%.

Insider Buying and Selling

In related news, CFO Jeffrey Andrew Martin sold 47,280 shares of the company’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.25, for a total transaction of $2,328,540.00. Following the sale, the chief financial officer now owns 370,840 shares in the company, valued at $18,263,870. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Mueller Industries news, CFO Jeffrey Andrew Martin sold 47,280 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.25, for a total transaction of $2,328,540.00. Following the transaction, the chief financial officer now owns 370,840 shares of the company’s stock, valued at $18,263,870. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director John B. Hansen sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.33, for a total value of $246,650.00. Following the transaction, the director now directly owns 18,000 shares in the company, valued at approximately $887,940. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Mueller Industries

Several institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC grew its position in Mueller Industries by 36.9% during the first quarter. CWM LLC now owns 827 shares of the industrial products company’s stock worth $45,000 after buying an additional 223 shares in the last quarter. Meritage Portfolio Management grew its position in Mueller Industries by 5.4% during the third quarter. Meritage Portfolio Management now owns 5,265 shares of the industrial products company’s stock worth $396,000 after buying an additional 270 shares in the last quarter. Fifth Third Bancorp grew its position in Mueller Industries by 124.3% during the fourth quarter. Fifth Third Bancorp now owns 527 shares of the industrial products company’s stock worth $25,000 after buying an additional 292 shares in the last quarter. Larson Financial Group LLC grew its position in Mueller Industries by 100.0% during the fourth quarter. Larson Financial Group LLC now owns 598 shares of the industrial products company’s stock worth $28,000 after buying an additional 299 shares in the last quarter. Finally, Navellier & Associates Inc. grew its position in Mueller Industries by 4.5% during the third quarter. Navellier & Associates Inc. now owns 6,984 shares of the industrial products company’s stock worth $525,000 after buying an additional 301 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

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.