Mueller Industries (NYSE:MLI) Reaches New 52-Week High – Here’s Why

Mueller Industries, Inc. (NYSE:MLI) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $141.90 and last traded at $140.9060, with a volume of 65890 shares trading hands. The stock had previously closed at $137.75.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MLI shares. Northcoast Research cut shares of Mueller Industries from a “buy” rating to a “neutral” rating in a report on Thursday, May 28th. Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Mueller Industries Trading Up 1.9%

The firm has a market capitalization of $15.52 billion, a P/E ratio of 18.39 and a beta of 1.09. The stock has a 50 day simple moving average of $131.09 and a 200-day simple moving average of $122.68.

Mueller Industries’s stock is scheduled to split before the market opens on Wednesday, July 1st. The 2-1 split was announced on Monday, June 1st. The newly created shares will be distributed to shareholders after the closing bell on Tuesday, June 30th.

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

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, June 5th. Mueller Industries’s payout ratio is presently 18.32%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at approximately $110,506,231.19. This trade represents a 11.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Mueller Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in shares of Mueller Industries by 181.4% during 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 buying an additional 1,666,891 shares in the last quarter. Norges Bank purchased a new stake in Mueller Industries in the 4th quarter worth $171,281,000. UBS Group AG increased its stake in Mueller Industries by 837.0% in the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock worth $129,819,000 after buying an additional 1,146,919 shares in the last quarter. Pictet Asset Management Holding SA raised its holdings in Mueller Industries by 136.5% during the first quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock valued at $185,561,000 after acquiring an additional 966,840 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of Mueller Industries by 36.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,528,013 shares of the industrial products company’s stock valued at $290,216,000 after acquiring an additional 679,958 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

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.