Mueller Industries (NYSE:MLI) Hits New 52-Week High at $56.66

Mueller Industries, Inc. (NYSE:MLI)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $56.66 and last traded at $56.51, with a volume of 88438 shares changing hands. The stock had previously closed at $53.54.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MLI shares. Northcoast Research reaffirmed a “neutral” rating on shares of Mueller Industries in a research report on Friday, January 19th. StockNews.com downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd.

Mueller Industries Stock Performance

The business’s 50 day moving average price is $51.76 and its two-hundred day moving average price is $46.56. The company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 10.74 and a beta of 1.08.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share for the quarter. Mueller Industries had a net margin of 17.63% and a return on equity of 27.59%. The company had revenue of $732.38 million during the quarter.

Mueller Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.41%. The ex-dividend date was Thursday, March 14th. This is an increase from Mueller Industries’s previous quarterly dividend of $0.15. Mueller Industries’s dividend payout ratio is 15.05%.

Insider Activity at Mueller Industries

In other Mueller Industries news, CFO Jeffrey Andrew Martin sold 47,280 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $49.25, for a total value of $2,328,540.00. Following the transaction, the chief financial officer now owns 370,840 shares in the company, valued at approximately $18,263,870. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Director John B. Hansen sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $49.33, for a total transaction of $246,650.00. Following the completion of the transaction, the director now directly owns 18,000 shares of the company’s stock, valued at approximately $887,940. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jeffrey Andrew Martin sold 47,280 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.25, for a total transaction of $2,328,540.00. Following the sale, the chief financial officer now owns 370,840 shares of the company’s stock, valued at approximately $18,263,870. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Mueller Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLI. Ronald Blue Trust Inc. grew its position in shares of Mueller Industries by 192.7% during the 3rd quarter. Ronald Blue Trust Inc. now owns 1,203 shares of the industrial products company’s stock worth $90,000 after buying an additional 792 shares during the period. SG Americas Securities LLC bought a new position in Mueller Industries during the 3rd quarter worth approximately $1,093,000. BTC Capital Management Inc. boosted its stake in Mueller Industries by 10.0% during the 3rd quarter. BTC Capital Management Inc. now owns 6,763 shares of the industrial products company’s stock worth $508,000 after acquiring an additional 615 shares during the last quarter. Advisors Management Group Inc. ADV boosted its stake in Mueller Industries by 9.2% during the 3rd quarter. Advisors Management Group Inc. ADV now owns 8,092 shares of the industrial products company’s stock worth $608,000 after acquiring an additional 683 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC boosted its stake in Mueller Industries by 11.1% during the 3rd quarter. Measured Wealth Private Client Group LLC now owns 5,226 shares of the industrial products company’s stock worth $393,000 after acquiring an additional 522 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.