Mueller Industries (NYSE:MLI) Stock Passes Above 200-Day Moving Average - What's Next?

Key Points

• Mueller Industries shares rose above their 200-day moving average, trading as high as $64.11 versus the $62.47 average, with a last price near $63.47.
• Analysts maintain a positive outlook, with the stock carrying a consensus “Buy” rating and a $75 price target. The company also exceeded quarterly expectations, reporting $1.13 in EPS and $1.43 billion in revenue, up 25.5% year over year.
• Mueller declared a quarterly dividend of $0.175 per share, equal to a 1.1% yield, while insiders have sold 273,444 shares worth approximately $18.8 million over the past 90 days.

Mueller Industries, Inc. (NYSE:MLI - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $62.47 and traded as high as $64.11. Mueller Industries shares last traded at $63.4690, with a volume of 1,124,316 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wall Street Zen cut shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 25th. Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective for the company in a research report on Thursday, July 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $75.00.

Mueller Industries Trading Up 0.4%

The company has a market capitalization of $14.04 billion, a PE ratio of 16.53 and a beta of 1.11. The stock's 50-day moving average is $63.62 and its two-hundred day moving average is $62.47.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The firm's quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.96 earnings per share.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries's dividend payout ratio (DPR) is currently 18.23%.

Insiders Place Their Bets

In related news, CEO Gregory L. Christopher sold 200,000 shares of the business's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the transaction, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. The trade was a 11.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hansen sold 2,444 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the completion of the transaction, the director directly owned 181,328 shares in the company, valued at $12,279,532.16. This trade represents a 1.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 273,444 shares of company stock valued at $18,757,238. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MLI. NewEdge Advisors LLC boosted its position in Mueller Industries by 10.7% in the 1st quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company's stock valued at $1,121,000 after buying an additional 1,420 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Mueller Industries by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company's stock worth $17,563,000 after acquiring an additional 3,316 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Mueller Industries during the first quarter worth approximately $524,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Mueller Industries by 108.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company's stock worth $40,000 after acquiring an additional 261 shares during the period. Finally, CW Advisors LLC raised its stake in shares of Mueller Industries by 4.0% during the second quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company's stock valued at $289,000 after acquiring an additional 140 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 is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.

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