Mueller Industries (NYSE:MLI) Releases Quarterly Earnings Results

Key Points

• Mueller Industries reported quarterly earnings of $1.88 per share, alongside a net margin of 17.48% and a return on equity of 24.47%.
• The company announced a quarterly dividend of $0.25, representing an annualized dividend of $1.00 with a 1.0% yield.
• Mueller Industries has received a consensus "Buy" rating from analysts, with a price target set at $105.00.

Mueller Industries (NYSE:MLI - Get Free Report) announced its quarterly earnings data on Tuesday. The industrial products company reported $1.88 earnings per share for the quarter, Zacks reports. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%.

Mueller Industries Stock Up 1.7%

Mueller Industries stock opened at $100.29 on Tuesday. Mueller Industries has a 52-week low of $66.84 and a 52-week high of $102.75. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 15.92 and a beta of 1.02. The firm has a 50-day moving average price of $97.44 and a two-hundred day moving average price of $85.21.

Mueller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a $0.25 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.0%. Mueller Industries's dividend payout ratio (DPR) is currently 15.87%.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $105.00.

Insider Activity at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the sale, the director owned 92,664 shares of the company's stock, valued at approximately $8,522,308.08. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.70% of the company's stock.

Institutional Trading of Mueller Industries

Hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its position in Mueller Industries by 56.1% during the 2nd quarter. AQR Capital Management LLC now owns 918,802 shares of the industrial products company's stock worth $73,017,000 after acquiring an additional 330,374 shares during the period. Squarepoint Ops LLC raised its stake in shares of Mueller Industries by 288.4% during the second quarter. Squarepoint Ops LLC now owns 209,265 shares of the industrial products company's stock valued at $16,630,000 after purchasing an additional 155,382 shares in the last quarter. Balyasny Asset Management L.P. lifted its holdings in Mueller Industries by 4,012.5% in the second quarter. Balyasny Asset Management L.P. now owns 123,457 shares of the industrial products company's stock worth $9,811,000 after purchasing an additional 120,455 shares during the period. Engineers Gate Manager LP bought a new position in Mueller Industries in the 2nd quarter valued at about $9,445,000. Finally, BNP Paribas Financial Markets increased its stake in Mueller Industries by 237.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 126,093 shares of the industrial products company's stock valued at $10,021,000 after buying an additional 88,694 shares during the period. Institutional investors own 94.50% of the company's stock.

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.

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