Mueller Industries, Inc. (NYSE:MLI) Announces Quarterly Dividend of $0.35

Mueller Industries, Inc. (NYSE:MLI) announced a quarterly dividend on Friday, May 8th. Investors of record on Friday, June 5th will be given a dividend of 0.35 per share by the industrial products company on Friday, June 19th. This represents a c) dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, June 5th.

Mueller Industries has raised its dividend payment by an average of 0.4%annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Mueller Industries has a payout ratio of 20.4% meaning its dividend is sufficiently covered by earnings.

Mueller Industries Price Performance

Mueller Industries stock opened at $130.64 on Wednesday. The company’s 50-day moving average is $126.31 and its 200 day moving average is $120.77. Mueller Industries has a 1-year low of $72.16 and a 1-year high of $141.51. The firm has a market capitalization of $14.44 billion, a P/E ratio of 17.10 and a beta of 1.09.

Shares of Mueller Industries are scheduled to split 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 released its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.67. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter last year, the firm posted $1.39 earnings per share. The business’s revenue was up 19.3% compared to the same quarter last year.

Analysts Set New Price Targets

A number of analysts have weighed in on MLI shares. Northcoast Research lowered Mueller Industries from a “buy” rating to a “neutral” rating in a research note on Thursday, May 28th. Wall Street Zen lowered Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday. 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 issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

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.