Mueller Industries (NYSE:MLI) Sets New 12-Month High at $73.09

Mueller Industries, Inc. (NYSE:MLI) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $73.09 and last traded at $72.31, with a volume of 25096 shares trading hands. The stock had previously closed at $70.94.

Mueller Industries Stock Performance

The company has a market capitalization of $8.21 billion, a P/E ratio of 14.22 and a beta of 1.03. The business’s fifty day simple moving average is $67.73 and its 200-day simple moving average is $59.66.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. Mueller Industries had a net margin of 16.19% and a return on equity of 22.86%. The firm had revenue of $997.75 million for the quarter.

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.11%. Mueller Industries’s dividend payout ratio is presently 16.03%.

Insider Buying and Selling

In related news, CEO Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total transaction of $3,496,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,214,311 shares of the company’s stock, valued at approximately $84,904,625.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Mueller Industries news, CEO Gregory L. Christopher sold 45,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $67.73, for a total value of $3,047,850.00. Following the completion of the sale, the chief executive officer now directly owns 1,264,311 shares of the company’s stock, valued at approximately $85,631,784.03. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gregory L. Christopher sold 50,000 shares of the business’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total transaction of $3,496,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,214,311 shares of the company’s stock, valued at $84,904,625.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,000 shares of company stock valued at $7,081,770. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Mueller Industries

Large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new stake in shares of Mueller Industries in the 2nd quarter valued at about $26,000. Federated Hermes Inc. bought a new stake in shares of Mueller Industries in the 2nd quarter valued at about $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Mueller Industries in the 2nd quarter valued at about $30,000. LifeSteps Financial Inc. bought a new stake in shares of Mueller Industries in the 1st quarter valued at about $43,000. Finally, CWM LLC raised its holdings in shares of Mueller Industries by 36.9% in the 1st quarter. CWM LLC now owns 827 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 223 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

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.