Mueller Industries (NYSE:MLI) Reaches New 12-Month High – Here’s What Happened

Mueller Industries, Inc. (NYSE:MLI) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $135.26 and last traded at $134.8280, with a volume of 39671 shares. The stock had previously closed at $133.82.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries has a consensus rating of “Buy”.

Mueller Industries Stock Performance

The company has a 50-day moving average of $117.54 and a 200 day moving average of $104.05. The firm has a market cap of $14.89 billion, a P/E ratio of 20.04 and a beta of 1.04.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.7%. Mueller Industries’s dividend payout ratio (DPR) is currently 14.93%.

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 4,234 shares of Mueller Industries stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following the completion of the sale, the director owned 41,745 shares of the company’s stock, valued at approximately $4,535,176.80. The trade was a 9.21% 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 2.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Asset Management LLC raised its holdings in shares of Mueller Industries by 3.5% during the fourth quarter. US Asset Management LLC now owns 2,425 shares of the industrial products company’s stock worth $278,000 after acquiring an additional 81 shares during the period. Aviance Capital Partners LLC increased its position in Mueller Industries by 2.3% during the third quarter. Aviance Capital Partners LLC now owns 4,235 shares of the industrial products company’s stock worth $428,000 after buying an additional 97 shares during the last quarter. Covestor Ltd raised its stake in Mueller Industries by 5.1% in the 3rd quarter. Covestor Ltd now owns 2,162 shares of the industrial products company’s stock valued at $218,000 after acquiring an additional 105 shares during the period. UMB Bank n.a. lifted its stake in shares of Mueller Industries by 2.2% during the 3rd quarter. UMB Bank n.a. now owns 5,394 shares of the industrial products company’s stock worth $545,000 after buying an additional 115 shares during the last quarter. Finally, Lido Advisors LLC grew its position in shares of Mueller Industries by 2.4% in the third 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. 94.50% of the stock is owned by institutional investors and hedge funds.

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.