Mueller Industries (NYSE:MLI) Releases Quarterly Earnings Results, Misses Expectations By $0.29 EPS

Mueller Industries (NYSE:MLI) issued its earnings results on Tuesday. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.67 by ($0.29), Briefing.com reports. Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The company’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.21 earnings per share.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $139.28 on Tuesday. Mueller Industries has a one year low of $66.84 and a one year high of $139.29. The stock has a market capitalization of $15.46 billion, a price-to-earnings ratio of 20.79 and a beta of 1.03. The company has a 50-day simple moving average of $120.53 and a 200-day simple moving average of $105.84.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were paid a $0.25 dividend. The ex-dividend date was Friday, December 5th. This represents a $1.00 dividend on an annualized basis and a yield of 0.7%. Mueller Industries’s payout ratio is currently 14.93%.

Insider Activity

In related news, Director Scott Jay Goldman sold 4,234 shares of the business’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the transaction, the director owned 41,745 shares in the company, valued at $4,535,176.80. The trade was a 9.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC increased its holdings in shares of Mueller Industries by 181.4% in the third quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock valued at $261,439,000 after purchasing an additional 1,666,891 shares during the period. UBS Group AG grew its position in Mueller Industries by 837.0% in the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock valued at $129,819,000 after buying an additional 1,146,919 shares during the last quarter. Bank of America Corp DE increased its stake in Mueller Industries by 61.3% in the 3rd quarter. Bank of America Corp DE now owns 1,183,143 shares of the industrial products company’s stock valued at $119,628,000 after buying an additional 449,619 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Mueller Industries by 26.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,142,444 shares of the industrial products company’s stock worth $115,513,000 after buying an additional 242,017 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Mueller Industries by 1.5% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 756,609 shares of the industrial products company’s stock worth $76,500,000 after buying an additional 10,971 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy”.

About Mueller Industries

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.