Mueller Industries (NYSE:MLI) Sets New 12-Month High After Dividend Announcement

Mueller Industries, Inc. (NYSE:MLI) shares hit a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. The stock traded as high as $96.61 and last traded at $95.90, with a volume of 15619 shares trading hands. The stock had previously closed at $94.40.

The newly announced dividend which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Friday, December 6th. Mueller Industries’s dividend payout ratio is currently 15.53%.

Mueller Industries Trading Down 2.0 %

The company has a 50 day simple moving average of $75.96 and a 200 day simple moving average of $66.58. The stock has a market capitalization of $10.63 billion, a PE ratio of 18.15 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.32 by $0.16. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%. The business had revenue of $997.80 million during the quarter, compared to analysts’ expectations of $936.00 million. The business’s revenue for the quarter was up 21.7% compared to the same quarter last year.

Insiders Place Their Bets

In related news, CEO Gregory L. Christopher sold 50,000 shares of the 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 $84,904,625.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total transaction of $83,090.00. Following the sale, the director now directly owns 94,914 shares in the company, valued at approximately $7,886,404.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $69.92, for a total transaction of $3,496,000.00. Following the transaction, the chief executive officer now directly owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Institutional Trading of Mueller Industries

A number of institutional investors have recently added to or reduced their stakes in MLI. International Assets Investment Management LLC purchased a new position in Mueller Industries in the 2nd quarter valued at approximately $26,000. Federated Hermes Inc. purchased a new position in Mueller Industries during the 2nd quarter valued at about $28,000. Opal Wealth Advisors LLC acquired a new position in Mueller Industries during the second quarter worth about $30,000. GAMMA Investing LLC lifted its holdings in shares of Mueller Industries by 36.0% in the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 146 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in shares of Mueller Industries by 61.7% in the second quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 369 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Company Profile

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.