Mueller Industries (NYSE:MLI) CEO Sells 200,000 Shares of Stock

Key Points

• Mueller Industries CEO Gregory Christopher sold 200,000 shares for approximately $13.7 million at an average price of $68.44, reducing his direct ownership by 11.12% to 1.6 million shares.
• The company reported a quarterly earnings beat, with EPS of $1.13 versus the $1.09 consensus and revenue of $1.43 billion, up 25.5% year over year.
• Mueller declared a quarterly dividend of $0.175 per share, or $0.70 annualized, representing 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 200,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total value of $13,688,000.00. Following the transaction, the chief executive officer directly owned 1,598,850 shares in the company, valued at $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Mueller Industries Stock Performance

Shares of Mueller Industries stock traded down $0.14 during midday trading on Wednesday, reaching $68.31. 815,214 shares of the company's stock traded hands, compared to its average volume of 1,515,982. The stock has a 50 day moving average of $64.05 and a 200-day moving average of $62.61. Mueller Industries, Inc. has a 12 month low of $44.97 and a 12 month high of $71.12. The company has a market cap of $15.11 billion, a PE ratio of 17.79 and a beta of 1.11.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter in the previous year, the business posted $1.96 earnings per share. The firm's revenue for the quarter was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

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 dividend of $0.175 per share. The ex-dividend date is Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.0%. Mueller Industries's payout ratio is currently 18.23%.

Institutional Trading of Mueller Industries

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Mueller Industries during the 2nd quarter valued at about $1,437,555,000. Vanguard Group Inc. raised its holdings in shares of Mueller Industries by 2.5% during 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. First Trust Advisors LP raised its holdings in shares of Mueller Industries by 0.6% during the first quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company's stock valued at $619,839,000 after purchasing an additional 33,248 shares during the last quarter. AQR Capital Management LLC lifted its position in Mueller Industries by 56.8% during the fourth quarter. AQR Capital Management LLC now owns 4,054,565 shares of the industrial products company's stock valued at $465,464,000 after purchasing an additional 1,468,872 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Mueller Industries by 30.9% in the fourth quarter. Geode Capital Management LLC now owns 2,642,059 shares of the industrial products company's stock worth $303,359,000 after purchasing an additional 624,210 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on MLI shares. Wall Street Zen cut Mueller Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 25th. Weiss Ratings restated a "buy (b)" rating on shares of Mueller Industries in a research report on Friday, July 17th. Finally, Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective for the company in a report on Thursday, July 16th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $75.00.

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.

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