Mueller Industries (NYSE:MLI) Sets New 12-Month High - Should You Buy?

Key Points

• Mueller Industries shares reached a new 52-week high of $103.37, with a last traded price of $103.12 and a volume of 178,845 shares.
• Analysts have a consensus "Buy" rating for Mueller Industries, with an average target price of $105.00.
• The company reported $1.88 earnings per share for the last quarter, which was below analysts' expectations of $1.99, although it achieved an 8% year-over-year revenue increase.

Mueller Industries, Inc. (NYSE:MLI - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $103.37 and last traded at $103.12, with a volume of 178845 shares trading hands. The stock had previously closed at $100.27.

Analyst Ratings Changes

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

Mueller Industries Stock Up 4.0%

The stock has a market capitalization of $11.55 billion, a PE ratio of 16.56 and a beta of 1.02. The firm's fifty day moving average is $97.44 and its 200-day moving average is $85.21.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.99 by ($0.11). Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.During the same period in the previous year, the company earned $1.48 EPS. The company's quarterly revenue was up 8.0% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, September 5th. Mueller Industries's dividend payout ratio is currently 15.87%.

Insider Activity

In related news, Director John B. Hansen sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total transaction of $91,970.00. Following the completion of the transaction, the director owned 92,664 shares of the company's stock, valued at approximately $8,522,308.08. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.70% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Invesco Ltd. boosted its position in Mueller Industries by 0.4% during the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company's stock worth $213,160,000 after purchasing an additional 10,968 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Mueller Industries by 3.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company's stock worth $232,900,000 after buying an additional 77,330 shares in the last quarter. LSV Asset Management raised its stake in Mueller Industries by 0.9% during the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company's stock worth $153,649,000 after acquiring an additional 16,757 shares during the period. Norges Bank bought a new stake in Mueller Industries in the 2nd quarter valued at about $127,287,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in Mueller Industries by 15.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company's stock valued at $93,259,000 after buying an additional 166,012 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company's stock.

About Mueller Industries

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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