Mueller Industries (NYSE:MLI) Stock Price Up 9% on Strong Earnings

Mueller Industries, Inc. (NYSE:MLI) rose 9% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $131.24 and last traded at $131.7830. Approximately 136,972 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 806,179 shares. The stock had previously closed at $120.90.

The industrial products company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.67. Mueller Industries had a return on equity of 24.70% and a net margin of 18.31%.The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period last year, the business earned $1.39 EPS. The business’s quarterly revenue was up 19.3% on a year-over-year basis.

Mueller Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were paid a dividend of $0.35 per share. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. Mueller Industries’s dividend payout ratio (DPR) is 20.38%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MLI. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, January 22nd. Wall Street Zen lowered Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy”.

Insider Activity at Mueller Industries

In related news, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $118.97, for a total transaction of $527,037.10. Following the completion of the sale, the director owned 41,645 shares in the company, valued at $4,954,505.65. This represents a 9.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $116.71, for a total value of $116,710.00. Following the sale, the director owned 90,664 shares of the company’s stock, valued at approximately $10,581,395.44. The trade was a 1.09% decrease in their position. The SEC filing for this sale provides additional information. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Mueller Industries

Large investors have recently modified their holdings of the stock. Fifth Third Bancorp grew its holdings in shares of Mueller Industries by 2.2% during the 4th quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock valued at $400,000 after purchasing an additional 75 shares during the last quarter. US Asset Management LLC grew its holdings in shares of Mueller Industries by 3.5% during the 4th quarter. US Asset Management LLC now owns 2,425 shares of the industrial products company’s stock valued at $278,000 after purchasing an additional 81 shares during the last quarter. Florida Financial Advisors LLC grew its holdings in shares of Mueller Industries by 3.7% during the 4th quarter. Florida Financial Advisors LLC now owns 2,510 shares of the industrial products company’s stock valued at $288,000 after purchasing an additional 89 shares during the last quarter. Aviance Capital Partners LLC grew its holdings in shares of Mueller Industries by 2.3% during the 3rd quarter. Aviance Capital Partners LLC now owns 4,235 shares of the industrial products company’s stock valued at $428,000 after purchasing an additional 97 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Mueller Industries by 4.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,100 shares of the industrial products company’s stock valued at $241,000 after purchasing an additional 99 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Stock Performance

The company has a market capitalization of $14.89 billion, a P/E ratio of 19.61 and a beta of 1.07. The firm’s fifty day moving average is $116.04 and its 200-day moving average is $114.63.

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.