Mueller Industries (NYSE:MLI) Trading Down 4.2% – Here’s Why

Mueller Industries, Inc. (NYSE:MLI)’s share price was down 4.2% during mid-day trading on Tuesday . The company traded as low as $75.05 and last traded at $74.71. Approximately 320,497 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 680,129 shares. The stock had previously closed at $78.02.

Analyst Upgrades and Downgrades

Separately, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Wednesday, December 11th.

Mueller Industries Price Performance

The business has a 50-day moving average of $80.40 and a 200-day moving average of $76.64. The firm has a market cap of $8.69 billion, a price-to-earnings ratio of 14.82 and a beta of 0.98.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.09. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%.

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend was Friday, December 6th. Mueller Industries’s payout ratio is 15.53%.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the transaction, the director now owns 17,733 shares in the company, valued at $1,632,145.32. This trade represents a 45.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.80% of the company’s stock.

Institutional Trading of Mueller Industries

Several large investors have recently bought and sold shares of the business. New York State Common Retirement Fund increased its holdings in shares of Mueller Industries by 20.4% during the third quarter. New York State Common Retirement Fund now owns 405,618 shares of the industrial products company’s stock worth $30,056,000 after buying an additional 68,633 shares in the last quarter. State Street Corp lifted its stake in Mueller Industries by 3.2% in the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock valued at $329,830,000 after buying an additional 139,406 shares during the period. Farther Finance Advisors LLC boosted its stake in Mueller Industries by 1,322.6% during the third quarter. Farther Finance Advisors LLC now owns 8,436 shares of the industrial products company’s stock worth $625,000 after acquiring an additional 7,843 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of Mueller Industries in the 4th quarter valued at about $287,000. Finally, Creative Planning increased its position in Mueller Industries by 36.5% in the 3rd quarter. Creative Planning now owns 40,081 shares of the industrial products company’s stock valued at $2,970,000 after buying an additional 10,714 shares in the last quarter. 94.50% of the stock is 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. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.