Insider Selling: Mueller Industries (NYSE:MLI) CEO Sells $13,688,000.00 in Stock

Mueller Industries, Inc. (NYSE:MLI) CEO Gregory Christopher sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the sale, the chief executive officer directly owned 1,598,850 shares in the company, valued at $109,425,294. The trade was a 11.12% 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.

Mueller Industries Trading Down 1.1%

NYSE MLI opened at $65.89 on Friday. The firm has a market capitalization of $14.57 billion, a PE ratio of 17.16 and a beta of 1.11. The business’s 50-day moving average price is $64.10 and its two-hundred day moving average price is $62.64. Mueller Industries, Inc. has a 12 month low of $44.97 and a 12 month high of $71.12.

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

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a $0.175 dividend. 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 18.23%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MLI shares. Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Finally, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, July 16th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries presently has a consensus rating of “Buy” and a consensus target price of $75.00.

Hedge Funds Weigh In On Mueller Industries

A number of institutional investors and hedge funds have recently modified their holdings of MLI. Fifth Third Bancorp boosted its stake in Mueller Industries by 2.2% during the fourth quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock worth $400,000 after acquiring an additional 75 shares in the last quarter. US Asset Management LLC grew its holdings in Mueller Industries by 3.5% in the fourth quarter. US Asset Management LLC now owns 2,425 shares of the industrial products company’s stock worth $278,000 after purchasing an additional 81 shares during the period. SJS Investment Consulting Inc. increased its stake in Mueller Industries by 28.4% in the first quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 82 shares in the last quarter. Root Financial Partners LLC increased its stake in Mueller Industries by 19.6% in the first quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company’s stock valued at $57,000 after purchasing an additional 84 shares in the last quarter. Finally, Florida Financial Advisors LLC raised its holdings in shares of Mueller Industries by 3.7% during the fourth quarter. Florida Financial Advisors LLC now owns 2,510 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 89 shares during the period. 94.50% of the stock is currently owned by institutional investors.

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.