Mueller Industries (NYSE:MLI) Reaches New 52-Week High – Should You Buy?

Mueller Industries, Inc. (NYSE:MLI)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $116.38 and last traded at $116.10, with a volume of 29089 shares changing hands. The stock had previously closed at $115.60.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, According to MarketBeat, Mueller Industries currently has a consensus rating of “Buy”.

Mueller Industries Price Performance

The company has a 50-day moving average price of $107.58 and a 200-day moving average price of $95.81. The firm has a market capitalization of $13.02 billion, a PE ratio of 17.51 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data 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). The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $942.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.48 EPS.

Mueller Industries Announces Dividend

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

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 4,234 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the sale, the director owned 41,745 shares in the company, valued at $4,535,176.80. This trade represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction on Monday, October 27th. The shares were sold at an average price of $103.42, for a total value of $5,171,000.00. Following the completion of the sale, the chief executive officer directly owned 1,069,241 shares of the company’s stock, valued at approximately $110,580,904.22. This represents a 4.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 355,234 shares of company stock valued at $36,944,652. Company insiders own 2.70% of the company’s stock.

Institutional Trading of Mueller Industries

A number of hedge funds have recently added to or reduced their stakes in the business. Entropy Technologies LP bought a new position in shares of Mueller Industries during the second quarter worth about $658,000. Advisors Management Group Inc. ADV grew its position in shares of Mueller Industries by 51.0% in the 2nd quarter. Advisors Management Group Inc. ADV now owns 51,024 shares of the industrial products company’s stock worth $4,055,000 after acquiring an additional 17,239 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Mueller Industries by 21.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 24,927 shares of the industrial products company’s stock valued at $1,981,000 after acquiring an additional 4,370 shares during the last quarter. FORA Capital LLC acquired a new stake in shares of Mueller Industries during the 1st quarter valued at approximately $530,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Mueller Industries by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock worth $184,890,000 after purchasing an additional 42,599 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.