Mueller Industries (NYSE:MLI) Earns Buy Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of Mueller Industries (NYSE:MLI – Get Rating) in a research note issued to investors on Thursday morning. The firm issued a buy rating on the industrial products company’s stock.

Mueller Industries Price Performance

Shares of NYSE MLI traded down $2.50 during trading on Thursday, hitting $70.48. 3,428,907 shares of the company were exchanged, compared to its average volume of 406,694. The company has a market cap of $4.02 billion, a price-to-earnings ratio of 6.06 and a beta of 1.10. Mueller Industries has a 1 year low of $50.05 and a 1 year high of $76.00. The firm’s fifty day moving average price is $70.16 and its 200 day moving average price is $65.41.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 17th will be given a dividend of $0.30 per share. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Thursday, March 16th. Mueller Industries’s payout ratio is presently 10.32%.

Insiders Place Their Bets

In related news, Director John B. Hansen sold 1,778 shares of the business’s stock in a transaction dated Thursday, February 9th. The shares were sold at an average price of $73.43, for a total value of $130,558.54. Following the sale, the director now directly owns 54,107 shares in the company, valued at approximately $3,973,077.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director John B. Hansen sold 1,778 shares of the business’s stock in a transaction dated Thursday, February 9th. The shares were sold at an average price of $73.43, for a total value of $130,558.54. Following the sale, the director now directly owns 54,107 shares in the company, valued at approximately $3,973,077.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Gregory L. Christopher sold 55,381 shares of the business’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $74.16, for a total transaction of $4,107,054.96. Following the completion of the sale, the chief executive officer now owns 625,784 shares in the company, valued at $46,408,141.44. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 57,666 shares of company stock worth $4,275,639. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Mueller Industries

Several institutional investors and hedge funds have recently made changes to their positions in the business. Metropolitan Life Insurance Co NY boosted its position in shares of Mueller Industries by 4.4% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 3,439 shares of the industrial products company’s stock worth $203,000 after buying an additional 144 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Mueller Industries by 9.9% in the 3rd quarter. Van ECK Associates Corp now owns 1,817 shares of the industrial products company’s stock valued at $108,000 after purchasing an additional 164 shares in the last quarter. SummerHaven Investment Management LLC lifted its holdings in Mueller Industries by 1.1% in the 4th quarter. SummerHaven Investment Management LLC now owns 14,794 shares of the industrial products company’s stock valued at $873,000 after purchasing an additional 164 shares in the last quarter. Captrust Financial Advisors lifted its holdings in Mueller Industries by 3.6% in the 2nd quarter. Captrust Financial Advisors now owns 5,101 shares of the industrial products company’s stock valued at $272,000 after purchasing an additional 175 shares in the last quarter. Finally, HWG Holdings LP lifted its holdings in Mueller Industries by 1.1% in the 4th quarter. HWG Holdings LP now owns 18,518 shares of the industrial products company’s stock valued at $1,093,000 after purchasing an additional 196 shares in the last quarter. 89.64% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Company Profile

(Get Rating)

Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of Domestic Piping Systems Group, Great Lakes Copper, Heatlink Group, European Operations, Trading Group, Jungwoo-Mueller, and Mueller Middle East.