Mueller Industries (NYSE:MLI) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Mueller Industries (NYSE:MLI) issued its earnings results on Tuesday. The industrial products company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04, Zacks reports. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%.

Mueller Industries Stock Performance

NYSE:MLI traded up $1.17 during mid-day trading on Tuesday, hitting $60.14. 102,505 shares of the stock were exchanged, compared to its average volume of 1,536,946. The stock has a market capitalization of $13.30 billion, a price-to-earnings ratio of 15.68 and a beta of 1.11. The firm’s 50-day simple moving average is $64.26 and its 200 day simple moving average is $62.14. Mueller Industries has a fifty-two week low of $41.17 and a fifty-two week high of $70.95.

Mueller Industries Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a dividend of $0.175 per share. The ex-dividend date was Friday, June 5th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.2%. Mueller Industries’s dividend payout ratio (DPR) is 18.32%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 206,532 shares of the company’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $68.64, for a total value of $14,177,389.14. Following the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mueller Industries

A number of hedge funds and other institutional investors have recently modified their holdings of MLI. Parkside Financial Bank & Trust boosted its holdings in shares of Mueller Industries by 4.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,100 shares of the industrial products company’s stock worth $241,000 after purchasing an additional 99 shares in the last quarter. Lido Advisors LLC increased its position in shares of Mueller Industries by 2.4% during the 3rd quarter. Lido Advisors LLC now owns 5,001 shares of the industrial products company’s stock valued at $506,000 after purchasing an additional 117 shares during the last quarter. CW Advisors LLC raised its holdings in shares of Mueller Industries by 4.0% during the 2nd quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock valued at $289,000 after buying an additional 140 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Mueller Industries by 0.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 36,308 shares of the industrial products company’s stock valued at $3,671,000 after buying an additional 151 shares in the last quarter. Finally, Quarry LP lifted its position in Mueller Industries by 14.9% in the 3rd quarter. Quarry LP now owns 1,461 shares of the industrial products company’s stock worth $148,000 after buying an additional 190 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on MLI. Wall Street Zen upgraded shares of Mueller Industries from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 27th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Friday. Finally, 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 report on Thursday, July 16th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $75.00.

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.