Scott Jay Goldman Sells 2,000 Shares of Mueller Industries (NYSE:MLI) Stock

Key Points

• Director Scott Jay Goldman sold 2,000 Mueller Industries shares at an average price of $64.08, generating $128,160. Following the transaction, he retained 79,734 shares.
• Mueller Industries reported quarterly EPS of $1.13, exceeding estimates of $1.09, while revenue reached $1.43 billion and increased 25.5% year over year.
• The company declared a quarterly dividend of $0.175 per share, equivalent to $0.70 annually and a 1.1% yield. Analysts maintain an average “Buy” rating with a $75 price target.

Mueller Industries, Inc. (NYSE:MLI - Get Free Report) Director Scott Jay Goldman sold 2,000 shares of the stock in a transaction on 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 sale, the director owned 79,734 shares in the company, valued at $5,109,354.72. The trade was a 2.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Mueller Industries Stock Performance

Shares of Mueller Industries stock traded down $0.35 during trading on Thursday, hitting $63.73. 487,139 shares of the company's stock were exchanged, compared to its average volume of 1,488,439. The stock has a market capitalization of $14.09 billion, a price-to-earnings ratio of 16.60 and a beta of 1.11. The business has a 50-day simple moving average of $63.37 and a 200-day simple moving average of $62.55. Mueller Industries, Inc. has a 52-week low of $47.11 and a 52-week high of $71.12.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. The company 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%. The firm's revenue was up 25.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.96 earnings per share.

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.175 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.1%. Mueller Industries's dividend payout ratio is presently 18.23%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MLI. Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a report on Friday, July 17th. Wall Street Zen cut shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 25th. Finally, Northcoast Research raised shares of 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. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $75.00.

Hedge Funds Weigh In On Mueller Industries

A number of large investors have recently bought and sold shares of MLI. Crossmark Global Holdings Inc. boosted its holdings in shares of Mueller Industries by 337.1% during the 4th quarter. Crossmark Global Holdings Inc. now owns 28,977 shares of the industrial products company's stock worth $3,327,000 after purchasing an additional 22,347 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Mueller Industries by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 10,515,780 shares of the industrial products company's stock valued at $1,207,212,000 after purchasing an additional 260,306 shares during the last quarter. Horizon Investments LLC lifted its position in Mueller Industries by 12.7% during the fourth quarter. Horizon Investments LLC now owns 72,199 shares of the industrial products company's stock worth $8,288,000 after buying an additional 8,137 shares in the last quarter. JLB & Associates Inc. acquired a new position in Mueller Industries during the fourth quarter worth $5,342,000. Finally, MUFG Securities EMEA plc acquired a new position in Mueller Industries during the fourth quarter worth $15,268,000. 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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