Mueller Industries (NYSE:MLI) Shares Down 5.3% – Here’s Why

Shares of Mueller Industries, Inc. (NYSE:MLI) fell 5.3% during trading on Tuesday . The company traded as low as $60.75 and last traded at $60.0760. 825,713 shares were traded during trading, a decline of 44% from the average session volume of 1,487,146 shares. The stock had previously closed at $63.45.

Wall Street Analysts Forecast Growth

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

Mueller Industries Trading Up 0.2%

The business’s 50-day moving average is $63.37 and its two-hundred day moving average is $62.55. The stock has a market capitalization of $14.20 billion, a PE ratio of 16.75 and a beta of 1.11.

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

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, September 4th. Mueller Industries’s dividend payout ratio (DPR) is presently 18.23%.

Insider Activity

In other news, CEO Gregory L. Christopher sold 200,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the sale, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total transaction of $68,130.00. Following the transaction, the director directly owned 29,000 shares in the company, valued at approximately $1,975,770. The trade was a 3.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 273,444 shares of company stock worth $18,757,238. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Mueller Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System boosted its holdings in Mueller Industries by 11,988.1% in the second quarter. California State Teachers Retirement System now owns 15,014,547 shares of the industrial products company’s stock valued at $1,845,738,000 after purchasing an additional 14,890,338 shares during the last quarter. BlackRock Inc. purchased a new stake in Mueller Industries during the 2nd quarter worth approximately $1,437,555,000. William Blair Investment Management LLC purchased a new stake in Mueller Industries during the 2nd quarter worth approximately $244,156,000. AQR Capital Management LLC raised its position in shares of Mueller Industries by 181.4% in the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock valued at $261,439,000 after purchasing an additional 1,666,891 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Mueller Industries in the 4th quarter valued at approximately $171,281,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

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.