Mueller Industries (NYSE:MLI) Stock Passes Above Two Hundred Day Moving Average – What’s Next?

Mueller Industries, Inc. (NYSE:MLI)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $123.83 and traded as high as $137.83. Mueller Industries shares last traded at $136.09, with a volume of 513,952 shares trading hands.

Analyst Upgrades and Downgrades

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

Mueller Industries Stock Down 2.5%

The firm has a market cap of $15.05 billion, a price-to-earnings ratio of 17.81 and a beta of 1.09. The business has a 50 day moving average of $133.68 and a 200 day moving average of $123.83.

Mueller Industries’s stock is set to split on the morning of Wednesday, July 1st. The 2-1 split was announced on Monday, June 1st. The newly issued shares will be payable to shareholders after the closing bell on Tuesday, June 30th.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.67. The firm had revenue of $1.19 billion during 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 firm’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.39 EPS.

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, June 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. Mueller Industries’s payout ratio is 18.32%.

Insider Buying and Selling at Mueller Industries

In other news, CEO Gregory L. Christopher sold 103,266 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $137.29, for a total value of $14,177,389.14. Following the completion of the transaction, the chief executive officer owned 804,911 shares of the company’s stock, valued at $110,506,231.19. The trade was a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Mueller Industries

Hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. raised its holdings in Mueller Industries by 37.3% in the 1st quarter. Pacer Advisors Inc. now owns 18,501 shares of the industrial products company’s stock valued at $2,050,000 after acquiring an additional 5,027 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of Mueller Industries by 10.5% during the 1st quarter. NewEdge Advisors LLC now owns 22,456 shares of the industrial products company’s stock worth $2,488,000 after purchasing an additional 2,136 shares during the period. Glenmede Trust Co. NA boosted its holdings in shares of Mueller Industries by 4.5% during the first quarter. Glenmede Trust Co. NA now owns 13,954 shares of the industrial products company’s stock worth $1,546,000 after purchasing an additional 603 shares during the last quarter. BankChampaign National Association acquired a new stake in shares of Mueller Industries during the first quarter worth $1,222,000. Finally, Janus Henderson Group PLC grew its position in shares of Mueller Industries by 11.6% in the first quarter. Janus Henderson Group PLC now owns 676,052 shares of the industrial products company’s stock valued at $74,907,000 after purchasing an additional 70,433 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

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.