Mueller Industries (NYSE:MLI) Releases Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Mueller Industries (NYSE:MLI) announced its earnings results on Tuesday. The industrial products company reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.08), Zacks reports. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%.

Mueller Industries Stock Up 1.1%

Shares of MLI stock opened at $60.76 on Tuesday. The stock has a market cap of $13.44 billion, a price-to-earnings ratio of 15.82 and a beta of 1.08. The business’s fifty day moving average is $62.19 and its 200 day moving average is $63.57. Mueller Industries has a twelve month low of $49.51 and a twelve month high of $71.12.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a $0.1750 dividend. This represents a $0.70 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries’s dividend payout ratio is presently 18.23%.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, CEO Gregory L. Christopher sold 200,000 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total value of $13,688,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,598,850 shares in the company, valued at $109,425,294. This trade represents a 11.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the transaction, the director owned 79,734 shares of the company’s stock, valued at approximately $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 275,444 shares of company stock worth $18,885,398. Corporate insiders own 2.30% of the company’s stock.

About Mueller Industries

Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.

The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.