Mueller Industries (NYSE:MLI) Sets New 12-Month High – Time to Buy?

Mueller Industries, Inc. (NYSE:MLI) reached a new 52-week high during trading on Wednesday . The company traded as high as $133.92 and last traded at $133.7250, with a volume of 116233 shares traded. The stock had previously closed at $131.11.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Mueller Industries has an average rating of “Buy”.

Mueller Industries Price Performance

The firm’s fifty day moving average price is $116.96 and its 200-day moving average price is $103.44. The company has a market cap of $14.73 billion, a price-to-earnings ratio of 19.81 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $942.00 million. Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The business’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 EPS.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, December 5th. Mueller Industries’s dividend payout ratio is 14.93%.

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 4,234 shares of Mueller Industries stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the transaction, the director directly owned 41,745 shares in the company, valued at approximately $4,535,176.80. This trade represents a 9.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $103.42, for a total value of $5,171,000.00. Following the transaction, the chief executive officer directly owned 1,069,241 shares of the company’s stock, valued at $110,580,904.22. This represents a 4.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its position in shares of Mueller Industries by 10.7% during the first quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock worth $1,121,000 after purchasing an additional 1,420 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Mueller Industries by 1.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company’s stock worth $17,563,000 after buying an additional 3,316 shares during the period. Acadian Asset Management LLC purchased a new stake in Mueller Industries during the first quarter valued at about $524,000. Wealth Enhancement Advisory Services LLC lifted its stake in Mueller Industries by 9.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 5,494 shares of the industrial products company’s stock valued at $454,000 after buying an additional 495 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Mueller Industries by 12.1% in the second quarter. Assenagon Asset Management S.A. now owns 33,828 shares of the industrial products company’s stock worth $2,688,000 after buying an additional 3,650 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

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.