Mueller Industries (NYSE:MLI) Reaches New 1-Year High – Should You Buy?

Mueller Industries, Inc. (NYSE:MLI)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $70.99 and last traded at $70.6960, with a volume of 70858 shares. The stock had previously closed at $69.26.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. 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 research note on Thursday, July 16th. Finally, Wall Street Zen lowered Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $75.00.

Mueller Industries Trading Up 0.3%

The company’s 50 day simple moving average is $63.66 and its 200-day simple moving average is $62.53. The company has a market capitalization of $15.37 billion, a price-to-earnings ratio of 18.08 and a beta of 1.11.

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

Mueller Industries Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were issued a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, June 5th. Mueller Industries’s dividend payout ratio is presently 18.23%.

Insider Transactions at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total value of $68,130.00. Following the completion of the sale, the director owned 29,000 shares of the company’s stock, valued at $1,975,770. This represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MLI. NewEdge Advisors LLC boosted its position in Mueller Industries by 10.7% in the 1st quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock valued at $1,121,000 after buying an additional 1,420 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Mueller Industries by 1.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company’s stock worth $17,563,000 after purchasing an additional 3,316 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Mueller Industries in the 1st quarter valued at approximately $524,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Mueller Industries by 108.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after buying an additional 261 shares during the last quarter. Finally, CW Advisors LLC increased its stake in shares of Mueller Industries by 4.0% in the second quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock worth $289,000 after buying an additional 140 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

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.