Mueller Industries (NYSE:MLI) CEO Sells $4,835,600.00 in Stock

Mueller Industries, Inc. (NYSE:MLI) CEO Gregory Christopher sold 70,000 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $69.08, for a total value of $4,835,600.00. Following the sale, the chief executive officer owned 70,000 shares of the company’s stock, valued at $4,835,600. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Mueller Industries Stock Down 1.1%

Shares of MLI stock opened at $65.89 on Friday. Mueller Industries, Inc. has a fifty-two week low of $44.97 and a fifty-two week high of $71.12. The firm’s 50 day moving average price is $64.10 and its two-hundred day moving average price is $62.64. The stock has a market cap of $14.57 billion, a price-to-earnings ratio of 17.16 and a beta of 1.11.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter last year, the firm posted $1.96 EPS. The business’s revenue for the quarter was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, September 4th. Mueller Industries’s payout ratio is currently 18.23%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MLI shares. Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, July 16th. Wall Street Zen cut Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average price target of $75.00.

Institutional Investors Weigh In On Mueller Industries

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Activest Wealth Management purchased a new position in shares of Mueller Industries during the 4th quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Mueller Industries in the second quarter valued at $29,000. Arlington Trust Co LLC acquired a new stake in Mueller Industries in the second quarter valued at $30,000. NBT Bank N A NY boosted its stake in Mueller Industries by 148.7% during the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 171 shares during the last quarter. Finally, Brown Brothers Harriman & Co. bought a new position in Mueller Industries during the 4th quarter valued at $34,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

About Mueller Industries

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.