Mueller Industries (NYSE:MLI) Sets New 52-Week High - Time to Buy?

Key Points

• Mueller Industries reached a new 52-week high, trading at $98.74, with a market capitalization of $10.94 billion and a P/E ratio of 15.69.
• The company reported $1.96 EPS for the latest quarter, outperforming analysts' expectations of $1.62, along with a revenue of $1.14 billion, marking a 14.1% year-over-year increase.
• Mueller Industries announced a quarterly dividend of $0.25, representing a 1.0% dividend yield, with an ex-dividend date set for September 5th.

Mueller Industries, Inc. (NYSE:MLI - Get Free Report)'s share price reached a new 52-week high on Thursday . The company traded as high as $98.74 and last traded at $98.54, with a volume of 56411 shares changing hands. The stock had previously closed at $97.57.

Mueller Industries Stock Up 1.2%

The stock has a market capitalization of $10.94 billion, a P/E ratio of 15.69 and a beta of 1.05. The business's 50 day simple moving average is $89.81 and its two-hundred day simple moving average is $81.12.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.34. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. Mueller Industries's revenue for the quarter was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a $0.25 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. Mueller Industries's dividend payout ratio is currently 15.87%.

Insider Activity at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total value of $91,970.00. Following the completion of the sale, the director owned 92,664 shares in the company, valued at $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 available at this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Mueller Industries

Institutional investors and hedge funds have recently made changes to their positions in the company. D.A. Davidson & CO. purchased a new stake in shares of Mueller Industries in the first quarter valued at about $317,000. Fifth Third Bancorp raised its holdings in shares of Mueller Industries by 6.1% in the first quarter. Fifth Third Bancorp now owns 3,701 shares of the industrial products company's stock valued at $282,000 after purchasing an additional 213 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Mueller Industries in the first quarter valued at about $303,000. Chevy Chase Trust Holdings LLC purchased a new stake in Mueller Industries during the first quarter worth about $4,140,000. Finally, KBC Group NV increased its holdings in Mueller Industries by 391.3% during the first quarter. KBC Group NV now owns 20,575 shares of the industrial products company's stock worth $1,567,000 after buying an additional 16,387 shares during 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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