Mueller Industries (NYSE:MLI) CEO Sells $14,177,389.14 in Stock

Mueller Industries, Inc. (NYSE:MLI) CEO Gregory Christopher sold 103,266 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the sale, the chief executive officer owned 804,911 shares of the company’s stock, valued at approximately $110,506,231.19. This represents a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Mueller Industries Stock Performance

NYSE:MLI opened at $133.08 on Friday. The firm has a market cap of $14.71 billion, a P/E ratio of 17.42 and a beta of 1.13. Mueller Industries, Inc. has a fifty-two week low of $72.16 and a fifty-two week high of $139.68. The firm has a 50-day simple moving average of $118.32 and a two-hundred day simple moving average of $116.19.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.67. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. Mueller Industries’s revenue was up 19.3% compared to the same quarter last year. During the same period last year, the business earned $1.39 EPS.

Mueller Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, March 13th. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. Mueller Industries’s payout ratio is 18.32%.

Analysts Set New Price Targets

MLI has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. Wall Street Zen raised shares of Mueller Industries from a “hold” rating to a “strong-buy” rating in a report on Saturday, April 25th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of “Buy”.

Hedge Funds Weigh In On Mueller Industries

A number of institutional investors and hedge funds have recently made changes to their positions in MLI. JFS Wealth Advisors LLC boosted its holdings in shares of Mueller Industries by 121.1% in the third quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock worth $25,000 after buying an additional 138 shares during the last quarter. Activest Wealth Management purchased a new position in shares of Mueller Industries in the fourth quarter worth approximately $27,000. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Mueller Industries by 228.7% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock worth $31,000 after buying an additional 215 shares during the last quarter. NBT Bank N A NY boosted its holdings in shares of Mueller Industries by 148.7% in the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after buying an additional 171 shares during the last quarter. Finally, Western Pacific Wealth Management LP purchased a new position in shares of Mueller Industries in the first quarter worth approximately $34,000. 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.