Mueller Industries (NYSE:MLI) Reaches New 1-Year High – Time to Buy?

Mueller Industries, Inc. (NYSE:MLI)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $81.32 and last traded at $81.32, with a volume of 163087 shares changing hands. The stock had previously closed at $72.08.

Mueller Industries Price Performance

The stock has a 50-day moving average of $70.58 and a 200 day moving average of $62.80. The company has a market cap of $9.33 billion, a P/E ratio of 16.30 and a beta of 1.03.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.29 by $0.12. The firm had revenue of $997.75 million during the quarter. Mueller Industries had a return on equity of 22.86% and a net margin of 16.19%.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.97%. Mueller Industries’s payout ratio is currently 16.03%.

Insider Activity

In other Mueller Industries news, CEO Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total transaction of $3,496,000.00. Following the transaction, the chief executive officer now owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director John B. Hansen sold 8,000 shares of Mueller Industries stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $67.24, for a total value of $537,920.00. Following the completion of the transaction, the director now directly owns 95,914 shares in the company, valued at approximately $6,449,257.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gregory L. Christopher sold 50,000 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total value of $3,496,000.00. Following the sale, the chief executive officer now owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,000 shares of company stock worth $7,081,770 in the last quarter. 2.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Mueller Industries

Several hedge funds have recently bought and sold shares of MLI. GAMMA Investing LLC boosted its holdings in Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 146 shares during the period. Miller Howard Investments Inc. NY increased its stake in Mueller Industries by 2.1% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 7,188 shares of the industrial products company’s stock worth $409,000 after acquiring an additional 151 shares during the last quarter. Kapitalo Investimentos Ltda raised its holdings in shares of Mueller Industries by 3.5% in the 3rd quarter. Kapitalo Investimentos Ltda now owns 4,582 shares of the industrial products company’s stock valued at $340,000 after acquiring an additional 156 shares in the last quarter. Summit Global Investments boosted its position in shares of Mueller Industries by 1.6% during the 2nd quarter. Summit Global Investments now owns 12,844 shares of the industrial products company’s stock valued at $731,000 after acquiring an additional 204 shares during the last quarter. Finally, CWM LLC increased its position in shares of Mueller Industries by 36.9% in the first quarter. CWM LLC now owns 827 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.