Mueller Industries (NYSE:MLI) Stock Crosses Above 200 Day Moving Average – Here’s What Happened

Shares of Mueller Industries, Inc. (NYSE:MLI) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $123.83 and traded as high as $137.83. Mueller Industries shares last traded at $136.09, with a volume of 513,952 shares trading hands.

Wall Street Analyst Weigh In

MLI has been the subject of several analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Finally, Northcoast Research downgraded shares of Mueller Industries from a “buy” rating to a “neutral” rating in a research note on Thursday, May 28th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy”.

Mueller Industries Stock Performance

The stock has a fifty day simple moving average of $133.88 and a two-hundred day simple moving average of $123.97. The stock has a market cap of $14.85 billion, a price-to-earnings ratio of 17.58 and a beta of 1.09.

Mueller Industries’s stock is set to split on Wednesday, July 1st. The 2-1 split was announced on Monday, June 1st. The newly created shares will be distributed to shareholders after the closing bell on Tuesday, June 30th.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.67. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.Mueller Industries’s revenue was up 19.3% compared to the same quarter last year. During the same period last year, the firm posted $1.39 earnings per share.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Friday, June 5th. Mueller Industries’s dividend payout ratio is currently 18.32%.

Insiders Place Their Bets

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the sale, the chief executive officer owned 804,911 shares of the company’s stock, valued at approximately $110,506,231.19. The trade was a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mueller Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. JFS Wealth Advisors LLC boosted its stake in shares of Mueller Industries by 121.1% during the third quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 138 shares in the last quarter. Activest Wealth Management acquired a new position in shares of Mueller Industries in the fourth quarter valued at approximately $27,000. Cary Street Partners Investment Advisory LLC increased its stake in shares of Mueller Industries by 228.7% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock valued at $31,000 after buying an additional 215 shares during the period. NBT Bank N A NY raised its holdings in Mueller Industries by 148.7% in the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock valued at $32,000 after buying an additional 171 shares during the last quarter. Finally, Western Pacific Wealth Management LP acquired a new stake in Mueller Industries during the 1st quarter worth approximately $34,000. Institutional investors own 94.50% of the company’s stock.

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.