Mueller Industries (NYSE:MLI) Announces Earnings Results, Misses Expectations By $0.28 EPS

Mueller Industries (NYSE:MLI) announced its earnings results on Tuesday. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.67 by ($0.28), Zacks reports. The firm had revenue of $962.39 million for the quarter, compared to analyst estimates of $928.00 million. Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The firm’s revenue was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.21 EPS.

Mueller Industries Stock Performance

Mueller Industries stock traded down $8.27 during trading on Wednesday, reaching $115.39. 793,059 shares of the company’s stock were exchanged, compared to its average volume of 792,282. The company’s 50-day moving average is $120.81 and its two-hundred day moving average is $106.11. Mueller Industries has a 52-week low of $66.84 and a 52-week high of $139.29. The firm has a market cap of $12.81 billion, a price-to-earnings ratio of 17.24 and a beta of 1.03.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Friday, December 5th. Mueller Industries’s dividend payout ratio is 14.93%.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the completion of the transaction, the director owned 41,745 shares in the company, valued at $4,535,176.80. This represents a 9.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MLI. Lido Advisors LLC increased its stake in Mueller Industries by 2.4% during the third quarter. Lido Advisors LLC now owns 5,001 shares of the industrial products company’s stock valued at $506,000 after purchasing an additional 117 shares during the last quarter. CW Advisors LLC grew its position in shares of Mueller Industries by 4.0% during the 2nd quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock valued at $289,000 after buying an additional 140 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Mueller Industries by 0.4% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 36,308 shares of the industrial products company’s stock valued at $3,671,000 after buying an additional 151 shares during the last quarter. Quarry LP raised its stake in Mueller Industries by 14.9% during the third quarter. Quarry LP now owns 1,461 shares of the industrial products company’s stock worth $148,000 after acquiring an additional 190 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Mueller Industries by 38.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 692 shares of the industrial products company’s stock valued at $70,000 after acquiring an additional 191 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy”.

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.