Mueller Industries, Inc. (NYSE:MLI) - Boenning Scattergood increased their FY2021 earnings estimates for shares of Mueller Industries in a report released on Tuesday, July 20th. Boenning Scattergood analyst R. Connors now expects that the industrial products company will post earnings of $6.25 per share for the year, up from their previous estimate of $4.10. Boenning Scattergood also issued estimates for Mueller Industries' FY2022 earnings at $6.60 EPS.
Separately, Zacks Investment Research lowered shares of Mueller Industries from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 23rd.
Mueller Industries stock opened at $43.34 on Thursday. Mueller Industries has a 52-week low of $26.07 and a 52-week high of $48.06. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 8.95 and a beta of 1.17. The business's fifty day simple moving average is $44.28. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.99 and a quick ratio of 1.40. Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, April 20th. The industrial products company reported $1.11 EPS for the quarter. Mueller Industries had a net margin of 8.03% and a return on equity of 31.43%. The company had revenue of $818.15 million during the quarter.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 18th. Investors of record on Friday, June 4th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date was Thursday, June 3rd. Mueller Industries's dividend payout ratio is currently 21.14%.
In other news, CEO Gregory L. Christopher sold 25,000 shares of the stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $48.00, for a total transaction of $1,200,000.00. Following the sale, the chief executive officer now owns 426,165 shares of the company's stock, valued at $20,455,920. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company's stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC purchased a new position in Mueller Industries in the fourth quarter valued at approximately $25,000. Berman Capital Advisors LLC increased its stake in Mueller Industries by 1,568.1% in the first quarter. Berman Capital Advisors LLC now owns 784 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 737 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Mueller Industries in the first quarter valued at approximately $82,000. Federated Hermes Inc. grew its position in shares of Mueller Industries by 123.0% during the first quarter. Federated Hermes Inc. now owns 2,243 shares of the industrial products company's stock worth $93,000 after acquiring an additional 1,237 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in shares of Mueller Industries by 3,083.5% during the first quarter. Captrust Financial Advisors now owns 3,661 shares of the industrial products company's stock worth $152,000 after acquiring an additional 3,546 shares during the last quarter. 88.33% of the stock is currently owned by institutional investors and hedge funds.
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. The company's Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.
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