Mueller Industries (NYSE:MLI) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Mueller Industries, Inc. (NYSE:MLI)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $122.07 and traded as high as $136.40. Mueller Industries shares last traded at $132.5180, with a volume of 449,748 shares.

Analysts Set New Price Targets

MLI has been the topic of several analyst reports. Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. Finally, Northcoast Research cut shares of Mueller Industries from a “buy” rating to a “neutral” rating in a report on Thursday, May 28th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Mueller Industries Stock Performance

The stock’s fifty day moving average price is $129.54 and its 200-day moving average price is $122.07. The company has a market capitalization of $14.65 billion, a P/E ratio of 17.35 and a beta of 1.09.

Shares of Mueller Industries are going to split on the morning of Wednesday, July 1st. The 2-1 split was announced on Monday, June 1st. The newly minted shares will be issued to shareholders after the market closes on Tuesday, June 30th.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.67. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. Mueller Industries’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.39 EPS.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 5th. This represents a $1.40 annualized dividend and a yield of 1.1%. Mueller Industries’s dividend payout ratio (DPR) is 18.32%.

Insider Activity

In other news, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the transaction, the chief executive officer owned 804,911 shares of the company’s stock, valued at approximately $110,506,231.19. This represents a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLI. AQR Capital Management LLC boosted its position in shares of Mueller Industries by 181.4% during the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock worth $261,439,000 after acquiring an additional 1,666,891 shares in the last quarter. Norges Bank acquired a new stake in shares of Mueller Industries during the 4th quarter worth approximately $171,281,000. UBS Group AG boosted its position in shares of Mueller Industries by 837.0% during the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock worth $129,819,000 after acquiring an additional 1,146,919 shares in the last quarter. Pictet Asset Management Holding SA boosted its position in shares of Mueller Industries by 136.5% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock worth $185,561,000 after acquiring an additional 966,840 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Mueller Industries by 36.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,528,013 shares of the industrial products company’s stock worth $290,216,000 after acquiring an additional 679,958 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Company Profile

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.