Mueller Industries (NYSE:MLI) Announces Earnings Results

Mueller Industries (NYSE:MLI) posted its quarterly earnings data on Tuesday. The industrial products company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04, Zacks reports. Mueller Industries had a return on equity of 26.37% and a net margin of 18.25%.The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company posted $1.96 EPS. The business’s quarterly revenue was up 25.5% on a year-over-year basis.

Mueller Industries Price Performance

Shares of NYSE:MLI opened at $62.60 on Thursday. Mueller Industries has a 1 year low of $41.17 and a 1 year high of $70.95. The company has a market capitalization of $13.84 billion, a PE ratio of 16.30 and a beta of 1.11. The business has a fifty day moving average price of $63.97 and a two-hundred day moving average price of $62.21.

Mueller Industries Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, June 5th. Mueller Industries’s dividend payout ratio is 18.23%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MLI shares. Wall Street Zen raised Mueller Industries from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 27th. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, July 16th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $75.00.

Insider Activity

In other Mueller Industries news, CEO Gregory L. Christopher sold 206,532 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $68.64, for a total transaction of $14,177,389.14. Following the sale, the chief executive officer directly owned 1,609,822 shares of the company’s stock, valued at $110,506,231.19. This represents a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Mueller Industries

A number of institutional investors have recently modified their holdings of MLI. Brown Brothers Harriman & Co. purchased a new position in Mueller Industries in the 4th quarter valued at approximately $34,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Mueller Industries by 108.7% in 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 in the last quarter. Parallel Advisors LLC grew its position in shares of Mueller Industries by 141.5% in the fourth quarter. Parallel Advisors LLC now owns 384 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 225 shares in the last quarter. Atlas Capital Advisors Inc. bought a new stake in shares of Mueller Industries during the 4th quarter valued at $48,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Mueller Industries by 65.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,136 shares of the industrial products company’s stock worth $90,000 after purchasing an additional 449 shares in the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

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.