Gregory Christopher Sells 70,000 Shares of Mueller Industries (NYSE:MLI) Stock

Mueller Industries, Inc. (NYSE:MLI) CEO Gregory Christopher sold 70,000 shares of Mueller Industries stock in a transaction on Monday, August 10th. The shares were sold at an average price of $69.08, for a total transaction of $4,835,600.00. Following the completion of the transaction, the chief executive officer owned 70,000 shares in the company, valued at approximately $4,835,600. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Mueller Industries Stock Performance

MLI traded down $0.14 during trading on Wednesday, hitting $68.31. The stock had a trading volume of 815,214 shares, compared to its average volume of 1,515,982. The firm has a market capitalization of $15.11 billion, a P/E ratio of 17.79 and a beta of 1.11. Mueller Industries, Inc. has a twelve month low of $44.97 and a twelve month high of $71.12. The company’s 50-day moving average price is $64.05 and its 200 day moving average price is $62.61.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, topping 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 was up 25.5% on a year-over-year basis. During the same quarter last year, the business earned $1.96 EPS.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries’s payout ratio is currently 18.23%.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Mueller Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Activest Wealth Management acquired a new stake in Mueller Industries in the fourth quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Mueller Industries during the 2nd quarter worth $29,000. Arlington Trust Co LLC acquired a new position in shares of Mueller Industries during the 2nd quarter worth $30,000. NBT Bank N A NY boosted its position in shares of Mueller Industries by 148.7% in the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after buying an additional 171 shares in the last quarter. Finally, Western Pacific Wealth Management LP purchased a new stake in shares of Mueller Industries in the 1st quarter worth about $34,000. 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.