Mueller Industries (NYSE:MLI) Shares Down 5.3% – What’s Next?

Mueller Industries, Inc. (NYSE:MLI) shares traded down 5.3% during trading on Tuesday . The stock traded as low as $60.75 and last traded at $60.0760. 825,713 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 1,487,146 shares. The stock had previously closed at $63.45.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MLI shares. Wall Street Zen cut Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, July 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $75.00.

Mueller Industries Trading Down 5.0%

The company has a market cap of $13.33 billion, a P/E ratio of 15.66 and a beta of 1.11. The firm’s 50 day moving average price is $63.62 and its 200-day moving average price is $62.47.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The business’s revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.96 EPS.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.175 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.2%. Mueller Industries’s dividend payout ratio is 18.23%.

Insider Buying and Selling

In related news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total transaction of $68,130.00. Following the transaction, the director owned 29,000 shares of the company’s stock, valued at $1,975,770. This trade represents a 3.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory L. Christopher sold 200,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the sale, the chief executive officer directly owned 1,598,850 shares of the company’s stock, valued at $109,425,294. The trade was a 11.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 273,444 shares of company stock worth $18,757,238 over the last quarter. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Mueller Industries

A number of hedge funds have recently modified their holdings of the business. Activest Wealth Management bought a new stake in Mueller Industries during the 4th quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Mueller Industries in the second quarter valued at approximately $29,000. Arlington Trust Co LLC acquired a new position in shares of Mueller Industries in the second quarter valued at approximately $30,000. NBT Bank N A NY increased its position in shares of Mueller Industries by 148.7% during the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 171 shares in the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new stake in shares of Mueller Industries in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

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.