Mueller Industries (NYSE:MLI) Reaches New 12-Month High at $54.59

Mueller Industries, Inc. (NYSE:MLI) shares hit a new 52-week high on Thursday . The company traded as high as $54.59 and last traded at $54.59, with a volume of 118091 shares trading hands. The stock had previously closed at $53.40.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MLI. Northcoast Research restated a “neutral” rating on shares of Mueller Industries in a research note on Friday, January 19th. StockNews.com lowered shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd.

Mueller Industries Stock Performance

The company has a market cap of $6.13 billion, a price-to-earnings ratio of 10.14 and a beta of 1.08. The firm has a fifty day moving average price of $50.17 and a 200 day moving average price of $44.48.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share for the quarter. The firm had revenue of $732.38 million for the quarter. Mueller Industries had a net margin of 17.63% and a return on equity of 27.59%.

Mueller Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a $0.20 dividend. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.15. The ex-dividend date is Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.48%. Mueller Industries’s dividend payout ratio (DPR) is 15.05%.

Insider Activity at Mueller Industries

In related news, CFO Jeffrey Andrew Martin sold 47,280 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.25, for a total transaction of $2,328,540.00. Following the completion of the sale, the chief financial officer now directly owns 370,840 shares in the company, valued at approximately $18,263,870. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Mueller Industries news, Director John B. Hansen sold 5,000 shares of Mueller Industries stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $49.33, for a total transaction of $246,650.00. Following the completion of the sale, the director now directly owns 18,000 shares of the company’s stock, valued at approximately $887,940. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jeffrey Andrew Martin sold 47,280 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $49.25, for a total transaction of $2,328,540.00. Following the completion of the transaction, the chief financial officer now directly owns 370,840 shares of the company’s stock, valued at $18,263,870. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mueller Industries

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Mueller Industries by 100.0% during the 4th quarter. Vanguard Group Inc. now owns 12,299,997 shares of the industrial products company’s stock valued at $579,945,000 after purchasing an additional 6,150,358 shares during the last quarter. First Trust Advisors LP increased its holdings in Mueller Industries by 94.5% in the 4th quarter. First Trust Advisors LP now owns 5,618,664 shares of the industrial products company’s stock worth $264,920,000 after buying an additional 2,729,382 shares during the period. Allspring Global Investments Holdings LLC raised its position in Mueller Industries by 90.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,039,933 shares of the industrial products company’s stock worth $237,633,000 after buying an additional 2,399,862 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Mueller Industries by 97.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,172,082 shares of the industrial products company’s stock valued at $196,718,000 after acquiring an additional 2,055,506 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in shares of Mueller Industries by 194.4% in the 4th quarter. Pacer Advisors Inc. now owns 2,883,088 shares of the industrial products company’s stock valued at $135,938,000 after acquiring an additional 1,903,745 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.