Mueller Industries (NYSE:MLI) Hits New 52-Week High at $56.66

Mueller Industries, Inc. (NYSE:MLI - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $56.66 and last traded at $56.51, with a volume of 88438 shares. The stock had previously closed at $53.54.

Analysts Set New Price Targets

Several research firms have recently commented on MLI. Northcoast Research reiterated a "neutral" rating on shares of Mueller Industries in a report on Friday, January 19th. StockNews.com cut Mueller Industries from a "buy" rating to a "hold" rating in a research note on Monday, January 22nd.

Mueller Industries Trading Up 7.3 %

The firm has a market cap of $6.53 billion, a P/E ratio of 10.74 and a beta of 1.08. The business's fifty day simple moving average is $51.76 and its 200-day simple moving average is $46.56.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share (EPS) for the quarter. The company had revenue of $732.38 million for the quarter. Mueller Industries had a return on equity of 27.59% and a net margin of 17.63%.

Mueller Industries Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a dividend of $0.20 per share. This is a positive change from Mueller Industries's previous quarterly dividend of $0.15. This represents a $0.80 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date was Thursday, March 14th. Mueller Industries's dividend payout ratio (DPR) is presently 15.05%.

Insider Buying and Selling

In other Mueller Industries news, CFO Jeffrey Andrew Martin sold 47,280 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $49.25, for a total transaction of $2,328,540.00. Following the completion of the sale, the chief financial officer now owns 370,840 shares of the company's stock, valued at approximately $18,263,870. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director John B. Hansen sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.33, for a total value of $246,650.00. Following the transaction, the director now directly owns 18,000 shares in the company, valued at $887,940. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey Andrew Martin sold 47,280 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.25, for a total transaction of $2,328,540.00. Following the transaction, the chief financial officer now directly owns 370,840 shares of the company's stock, valued at $18,263,870. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Mueller Industries

A number of institutional investors have recently modified their holdings of the stock. Beaird Harris Wealth Management LLC bought a new stake in Mueller Industries in the 3rd quarter valued at about $30,000. Fifth Third Bancorp increased its position in shares of Mueller Industries by 124.3% during the 4th quarter. Fifth Third Bancorp now owns 527 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 292 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Mueller Industries by 100.0% in the 4th quarter. Larson Financial Group LLC now owns 598 shares of the industrial products company's stock worth $28,000 after buying an additional 299 shares during the last quarter. Adirondack Trust Co. acquired a new position in shares of Mueller Industries in the 3rd quarter valued at $45,000. Finally, NBC Securities Inc. purchased a new stake in shares of Mueller Industries in the third quarter valued at about $52,000. 94.50% of the stock is owned by institutional investors.

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.