Gregory Christopher Sells 70,000 Shares of Mueller Industries (NYSE:MLI) Stock

Key Points

• CEO Gregory Christopher sold 70,000 Mueller Industries shares at an average price of $69.08, generating approximately $4.84 million and reducing his direct ownership by 50%.
• Mueller Industries reported quarterly revenue of $1.43 billion and adjusted earnings of $1.13 per share, beating analyst estimates despite earnings declining from $1.96 per share a year earlier.
• The company declared a quarterly dividend of $0.175 per share, equivalent to $0.70 annually and a 1.0% yield. Analysts maintain a consensus “Buy” rating with a $75 price target.

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

Mueller Industries Stock Performance

MLI stock traded down $0.14 during midday trading on Wednesday, reaching $68.31. 815,214 shares of the company were exchanged, compared to its average volume of 1,515,982. Mueller Industries, Inc. has a 1-year low of $44.97 and a 1-year high of $71.12. The stock's 50-day simple moving average is $64.05 and its 200 day simple moving average is $62.61. The company has a market cap of $15.11 billion, a price-to-earnings ratio of 17.79 and a beta of 1.11.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the firm earned $1.96 EPS. The company's revenue was up 25.5% compared to the same quarter last year.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a $0.175 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a yield of 1.0%. Mueller Industries's payout ratio is 18.23%.

Analyst Ratings Changes

Several equities analysts have issued reports on MLI shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a report on Friday, July 17th. Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 target price for the company in a report on Thursday, July 16th. Finally, Wall Street Zen cut 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 MarketBeat, Mueller Industries currently has an average rating of "Buy" and a consensus target price of $75.00.

Institutional Investors Weigh In On Mueller Industries

Several hedge funds have recently made changes to their positions in the business. Activest Wealth Management acquired a new position in Mueller Industries in the 4th quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Mueller Industries during the 2nd quarter valued at approximately $29,000. Arlington Trust Co LLC acquired a new stake in Mueller Industries during the 2nd quarter worth approximately $30,000. NBT Bank N A NY lifted its position 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 worth $32,000 after acquiring an additional 171 shares during the period. Finally, Brown Brothers Harriman & Co. purchased a new position in shares of Mueller Industries in the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 94.50% of the company's stock.

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.

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