Mueller Industries (NYSE:MLI) Hits New 1-Year High - Time to Buy?

Key Points

• Mueller Industries shares reached a new 52-week high of $70.99, with the stock closing near $70.70 and trading above its 50- and 200-day moving averages.
• Analysts maintain a generally positive outlook, with an average rating of “Buy” and a $75 target price. The company beat quarterly EPS estimates, reporting $1.13 versus $1.09 expected, while revenue rose 25.5% year over year to $1.43 billion.
• The company pays a $0.70 annualized dividend, yielding about 1%, while recent insider activity included a director selling 2,444 shares; institutional investors own 94.5% of outstanding shares.

Shares of Mueller Industries, Inc. (NYSE:MLI - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $70.99 and last traded at $70.6960, with a volume of 70858 shares changing hands. The stock had previously closed at $69.26.

Wall Street Analysts Forecast Growth

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

Mueller Industries Price Performance

The business's 50 day moving average is $63.66 and its two-hundred day moving average is $62.53. The firm has a market capitalization of $15.37 billion, a PE ratio of 18.08 and a beta of 1.11.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.27 billion. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The company's revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.96 earnings per share.

Mueller Industries Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were paid a $0.175 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.70 annualized dividend and a dividend yield of 1.0%. Mueller Industries's dividend payout ratio (DPR) is 18.23%.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 2,444 shares of Mueller Industries stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the sale, the director directly owned 181,328 shares in the company, valued at approximately $12,279,532.16. The trade was a 1.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MLI. Activest Wealth Management purchased a new stake in Mueller Industries in the fourth quarter worth $27,000. Arlington Trust Co LLC bought a new stake in Mueller Industries during the 2nd quarter valued at about $30,000. NBT Bank N A NY boosted its position in Mueller Industries by 148.7% in the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company's stock valued at $32,000 after buying an additional 171 shares during the period. Western Pacific Wealth Management LP purchased a new position in shares of Mueller Industries during the first quarter worth approximately $34,000. Finally, Brown Brothers Harriman & Co. bought a new stake in shares of Mueller Industries during the fourth quarter valued at approximately $34,000. Institutional investors own 94.50% of the company's stock.

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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