Mueller Industries (NYSE:MLI) Announces Earnings Results

Key Points

• Quarterly results: Mueller reported EPS of $1.39, missing the $1.67 consensus, while revenue beat at $962.39 million (vs. $928.0M) and rose 4.2% year-over-year; net margin was 18.1% with a 25.02% return on equity.
• Market reaction: MLI shares traded down about 10.9% after the release, opening at $123.97, with a market cap near $13.8 billion and a P/E of 18.5.
• Dividend and insider activity: The company paid a $0.25 quarterly dividend ($1.00 annual, 0.8% yield, 14.93% payout ratio), a director sold 4,234 shares, and institutional investors hold roughly 94.5% of the stock.

Mueller Industries (NYSE:MLI - Get Free Report) released its quarterly earnings data on Tuesday. The industrial products company reported $1.39 earnings per share for the quarter, missing analysts' consensus estimates of $1.67 by ($0.28), Zacks reports. The business had revenue of $962.39 million during the quarter, compared to the consensus estimate of $928.00 million. Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The firm's quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the business posted $1.21 earnings per share.

Mueller Industries Trading Down 10.9%

MLI stock opened at $123.97 on Wednesday. The stock has a market cap of $13.76 billion, a P/E ratio of 18.50 and a beta of 1.03. The stock's fifty day simple moving average is $120.81 and its two-hundred day simple moving average is $106.11. Mueller Industries has a 1-year low of $66.84 and a 1-year high of $139.29.

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.00 annualized dividend and a yield of 0.8%. Mueller Industries's payout ratio is currently 14.93%.

Insider Transactions at Mueller Industries

In related news, Director Scott Jay Goldman sold 4,234 shares of the company's stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the transaction, the director owned 41,745 shares in the company, valued at approximately $4,535,176.80. This represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.70% of the company's stock.

Institutional Investors Weigh In On Mueller Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of MLI. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Mueller Industries by 108.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company's stock worth $40,000 after acquiring an additional 261 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Mueller Industries by 65.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,136 shares of the industrial products company's stock worth $90,000 after buying an additional 449 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of Mueller Industries by 51.7% during the third quarter. Larson Financial Group LLC now owns 915 shares of the industrial products company's stock worth $92,000 after acquiring an additional 312 shares in the last quarter. Employees Retirement System of Texas boosted its stake in shares of Mueller Industries by 137.4% in the 3rd quarter. Employees Retirement System of Texas now owns 1,009 shares of the industrial products company's stock valued at $102,000 after purchasing an additional 584 shares in the last quarter. Finally, Quarry LP grew its holdings in shares of Mueller Industries by 14.9% during the 3rd quarter. Quarry LP now owns 1,461 shares of the industrial products company's stock valued at $148,000 after purchasing an additional 190 shares during the last quarter. Institutional investors own 94.50% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, Mueller Industries has an average rating of "Buy".

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.