Mueller Industries (NYSE:MLI) Announces Earnings Results, Beats Expectations By $0.34 EPS

Mueller Industries (NYSE:MLI - Get Free Report) issued its quarterly earnings results on Tuesday. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.34, Zacks reports. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.94%. The firm's revenue for the quarter was up 14.1% on a year-over-year basis.

Mueller Industries Trading Up 1.2%

Shares of MLI traded up $1.05 during mid-day trading on Thursday, hitting $88.16. The company's stock had a trading volume of 701,915 shares, compared to its average volume of 1,025,869. The firm has a 50-day simple moving average of $79.39 and a 200 day simple moving average of $78.24. The firm has a market capitalization of $9.76 billion, a P/E ratio of 13.99 and a beta of 1.01. Mueller Industries has a 1-year low of $62.74 and a 1-year high of $96.81.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a $0.25 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.00 annualized dividend and a dividend yield of 1.13%. Mueller Industries's dividend payout ratio is currently 15.87%.

Insider Activity

In other news, Director Terry Hermanson sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total value of $743,400.00. Following the completion of the sale, the director directly owned 100,082 shares of the company's stock, valued at $7,440,095.88. This trade represents a 9.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Scott Jay Goldman sold 16,483 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $73.46, for a total transaction of $1,210,841.18. Following the transaction, the director owned 39,615 shares in the company, valued at $2,910,117.90. The trade was a 29.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,613 shares of company stock valued at $2,198,600 in the last three months. 2.70% of the stock is currently owned by company insiders.

Institutional Trading of Mueller Industries

Several large investors have recently modified their holdings of MLI. Acadian Asset Management LLC acquired a new stake in shares of Mueller Industries in the first quarter valued at approximately $524,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Mueller Industries by 1.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company's stock worth $17,563,000 after buying an additional 3,316 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in Mueller Industries by 10.7% during the first quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company's stock worth $1,121,000 after buying an additional 1,420 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

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.