Key Points
- Director sale: Scott Jay Goldman sold 2,000 Mueller Industries shares for approximately $128,160, reducing his ownership by 2.45% to 79,734 shares.
- Business performance: Mueller reported quarterly EPS of $1.13, beating estimates by $0.04, while revenue reached $1.43 billion, up 25.5% year over year and above expectations.
- Investor outlook: Analysts maintain an average “Buy” rating with a $75 price target. The company declared a quarterly dividend of $0.175 per share, equivalent to a 1.1% annual yield.
Mueller Industries, Inc. (NYSE:MLI - Get Free Report) Director Scott Jay Goldman sold 2,000 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the transaction, the director owned 79,734 shares of the company's stock, valued at $5,109,354.72. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Mueller Industries Stock Performance
Shares of NYSE MLI opened at $64.27 on Friday. Mueller Industries, Inc. has a 52-week low of $47.11 and a 52-week high of $71.12. The business has a fifty day moving average of $63.28 and a two-hundred day moving average of $62.58. The stock has a market cap of $14.22 billion, a PE ratio of 16.74 and a beta of 1.11.
Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The firm's quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.96 EPS.
Mueller Industries Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be given a $0.175 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a yield of 1.1%. Mueller Industries's payout ratio is 18.23%.
Wall Street Analysts Forecast Growth
MLI has been the subject of several recent analyst reports. Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective for the company in a report on Thursday, July 16th. Wall Street Zen downgraded Mueller Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Mueller Industries in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $75.00.
View Our Latest Stock Analysis on Mueller Industries
Institutional Investors Weigh In On Mueller Industries
Hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp increased its position in Mueller Industries by 2.2% in the 4th quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company's stock valued at $400,000 after acquiring an additional 75 shares in the last quarter. SJS Investment Consulting Inc. lifted its position in shares of Mueller Industries by 28.4% during the first quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company's stock worth $41,000 after purchasing an additional 82 shares in the last quarter. Root Financial Partners LLC lifted its position in shares of Mueller Industries by 19.6% during the first quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company's stock worth $57,000 after purchasing an additional 84 shares in the last quarter. Florida Financial Advisors LLC grew its stake in shares of Mueller Industries by 3.7% during the fourth quarter. Florida Financial Advisors LLC now owns 2,510 shares of the industrial products company's stock valued at $288,000 after purchasing an additional 89 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of Mueller Industries by 4.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,100 shares of the industrial products company's stock valued at $241,000 after purchasing an additional 99 shares during the last quarter. Institutional investors own 94.50% of the company's stock.
Mueller Industries Company Profile
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Get Free Report)
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.
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