Mueller Industries (NYSE:MLI) Sets New 12-Month High – Time to Buy?

Mueller Industries, Inc. (NYSE:MLI)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $115.22 and last traded at $114.7610, with a volume of 137619 shares traded. The stock had previously closed at $113.86.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy”.

Mueller Industries Stock Performance

The stock has a market capitalization of $12.71 billion, a P/E ratio of 17.09 and a beta of 1.04. The firm has a fifty day moving average price of $106.07 and a two-hundred day moving average price of $94.54.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $942.00 million. During the same period in the prior year, the business posted $1.48 earnings per share. Mueller Industries’s revenue for the quarter was up 8.0% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. Mueller Industries’s dividend payout ratio is presently 14.93%.

Insider Activity

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total transaction of $105,710.00. Following the completion of the sale, the director directly owned 91,664 shares of the company’s stock, valued at $9,689,801.44. The trade was a 1.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Jay Goldman sold 4,234 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following the sale, the director directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 355,234 shares of company stock valued at $36,944,652. 2.70% of the stock is currently owned by insiders.

Institutional Trading of Mueller Industries

Hedge funds have recently modified their holdings of the stock. Aviance Capital Partners LLC grew its stake in shares of Mueller Industries by 2.3% during the 3rd quarter. Aviance Capital Partners LLC now owns 4,235 shares of the industrial products company’s stock worth $428,000 after purchasing an additional 97 shares during the period. Covestor Ltd grew its position in Mueller Industries by 5.1% during the third quarter. Covestor Ltd now owns 2,162 shares of the industrial products company’s stock valued at $218,000 after buying an additional 105 shares during the period. UMB Bank n.a. increased its holdings in Mueller Industries by 2.2% in the third quarter. UMB Bank n.a. now owns 5,394 shares of the industrial products company’s stock valued at $545,000 after buying an additional 115 shares in the last quarter. Lido Advisors LLC raised 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 worth $506,000 after acquiring an additional 117 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in shares of Mueller Industries by 7.9% in the third quarter. Smartleaf Asset Management LLC now owns 1,624 shares of the industrial products company’s stock worth $163,000 after acquiring an additional 119 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Company Profile

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.