Mueller Industries (NYSE:MLI) Reaches New 12-Month High After Dividend Announcement

Mueller Industries, Inc. (NYSE:MLI - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. The stock traded as high as $59.99 and last traded at $59.99, with a volume of 473 shares changing hands. The stock had previously closed at $59.27.

The newly announced dividend which will be paid on Friday, June 21st. Stockholders of record on Friday, June 7th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date of this dividend is Friday, June 7th. Mueller Industries's dividend payout ratio (DPR) is presently 16.03%.

Analysts Set New Price Targets

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

Mueller Industries Stock Down 1.7 %

The stock has a market capitalization of $6.62 billion, a P/E ratio of 11.83 and a beta of 1.08. The stock's 50 day moving average price is $54.00 and its 200-day moving average price is $48.16.

Insiders Place Their Bets

In other news, CFO Jeffrey Andrew Martin sold 52,436 shares of Mueller Industries stock in a transaction on Friday, April 26th. The stock was sold at an average price of $57.25, for a total value of $3,001,961.00. Following the transaction, the chief financial officer now directly owns 313,529 shares in the company, valued at approximately $17,949,535.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Mueller Industries news, Director John B. Hansen sold 4,000 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $57.29, for a total value of $229,160.00. Following the completion of the sale, the director now directly owns 104,214 shares in the company, valued at $5,970,420.06. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Jeffrey Andrew Martin sold 52,436 shares of the business's stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $57.25, for a total value of $3,001,961.00. Following the sale, the chief financial officer now owns 313,529 shares in the company, valued at approximately $17,949,535.25. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.

Institutional Trading of Mueller Industries

A number of institutional investors have recently bought and sold shares of the stock. Fifth Third Bancorp raised its holdings in shares of Mueller Industries by 124.3% in the fourth quarter. Fifth Third Bancorp now owns 527 shares of the industrial products company's stock worth $25,000 after buying an additional 292 shares during the last quarter. Larson Financial Group LLC lifted its position in Mueller Industries by 100.0% during the 4th quarter. Larson Financial Group LLC now owns 598 shares of the industrial products company's stock worth $28,000 after acquiring an additional 299 shares during the period. Beaird Harris Wealth Management LLC purchased a new stake in Mueller Industries during the 3rd quarter valued at about $30,000. Montag A & Associates Inc. acquired a new position in shares of Mueller Industries in the fourth quarter valued at about $34,000. Finally, LifeSteps Financial Inc. purchased a new position in shares of Mueller Industries in the first quarter worth about $43,000. 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.