Mueller Industries Stock Scheduled to Split on Wednesday, July 1st (NYSE:MLI)

Shares of Mueller Industries, Inc. (NYSE:MLI) are set to split before the market opens on Wednesday, July 1st. The 2-1 split was announced on Monday, June 1st. The newly minted shares will be distributed to shareholders after the market closes on Tuesday, June 30th.

Mueller Industries Trading Down 0.2%

Shares of NYSE MLI opened at $137.88 on Monday. Mueller Industries has a 12-month low of $72.16 and a 12-month high of $141.51. The firm has a market capitalization of $15.24 billion, a price-to-earnings ratio of 18.05 and a beta of 1.09. The firm has a 50 day moving average of $130.55 and a 200 day moving average of $122.48.

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

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, June 5th. Mueller Industries’s dividend payout ratio is 18.32%.

Analysts Set New Price Targets

Several research firms recently weighed in on MLI. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. Northcoast Research lowered shares of Mueller Industries from a “buy” rating to a “neutral” rating in a report on Thursday, May 28th. Finally, Wall Street Zen cut Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Insider Activity at Mueller Industries

In related news, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the completion of the transaction, the chief executive officer owned 804,911 shares in the company, valued at approximately $110,506,231.19. This represents a 11.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Mueller Industries

Hedge funds have recently bought and sold shares of the stock. Activest Wealth Management bought a new position in shares of Mueller Industries during the 4th quarter valued at about $27,000. JFS Wealth Advisors LLC increased its holdings in shares of Mueller Industries by 121.1% in the third quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 138 shares during the last quarter. NBT Bank N A NY lifted its position in shares of Mueller Industries by 148.7% in the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after buying an additional 171 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of Mueller Industries in the fourth quarter worth about $34,000. Finally, Western Pacific Wealth Management LP bought a new position in Mueller Industries during the first quarter valued at approximately $34,000. 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.