Mueller Industries (NYSE:MLI) CEO Gregory Christopher Sells 70,000 Shares

Mueller Industries, Inc. (NYSE:MLI) CEO Gregory Christopher sold 70,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $69.08, for a total value of $4,835,600.00. Following the completion of the sale, the chief executive officer owned 70,000 shares in the company, valued at $4,835,600. This trade represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Mueller Industries Stock Down 0.2%

Mueller Industries stock opened at $68.31 on Thursday. Mueller Industries, Inc. has a 52 week low of $44.97 and a 52 week high of $71.12. The business has a 50-day simple moving average of $64.10 and a 200 day simple moving average of $62.62. The stock has a market cap of $15.11 billion, a price-to-earnings ratio of 17.79 and a beta of 1.11.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results 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. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The company’s revenue was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.96 EPS.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, September 4th. Mueller Industries’s dividend payout ratio is 18.23%.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

MLI has been the subject of several research analyst reports. Wall Street Zen lowered shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Northcoast Research upgraded shares of 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 reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $75.00.

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.