Mueller Industries (NYSE:MLI) Hits New 12-Month High After Dividend Announcement

Mueller Industries, Inc. (NYSE:MLIGet Rating)’s stock price hit a new 52-week high on Monday after the company announced a dividend. The stock traded as high as $67.72 and last traded at $67.33, with a volume of 17521 shares. The stock had previously closed at $66.98.

The newly announced dividend which will be paid on Friday, September 16th. Investors of record on Friday, September 2nd will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.49%. Mueller Industries’s payout ratio is 8.58%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Northcoast Research assumed coverage on Mueller Industries in a research note on Monday, July 18th. They issued a “buy” rating for the company. StockNews.com lowered Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 15th.

Mueller Industries Price Performance

The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of 5.76 and a beta of 1.13. The stock has a 50 day moving average price of $55.83 and a two-hundred day moving average price of $55.64.

Mueller Industries (NYSE:MLIGet Rating) last posted its quarterly earnings results on Tuesday, July 19th. The industrial products company reported $3.65 earnings per share (EPS) for the quarter. The business had revenue of $1.15 billion for the quarter. Mueller Industries had a return on equity of 46.35% and a net margin of 16.14%.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $64.27, for a total transaction of $64,270.00. Following the transaction, the director now owns 59,885 shares in the company, valued at $3,848,808.95. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Mueller Industries

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Mueller Industries by 0.7% in the 1st quarter. BlackRock Inc. now owns 8,779,865 shares of the industrial products company’s stock valued at $475,606,000 after acquiring an additional 64,501 shares during the period. Vanguard Group Inc. raised its stake in Mueller Industries by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 6,341,321 shares of the industrial products company’s stock valued at $343,510,000 after acquiring an additional 116,393 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Mueller Industries by 0.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,115,963 shares of the industrial products company’s stock valued at $219,339,000 after acquiring an additional 22,162 shares during the period. Dimensional Fund Advisors LP raised its stake in Mueller Industries by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,996,509 shares of the industrial products company’s stock valued at $108,155,000 after acquiring an additional 25,778 shares during the period. Finally, State Street Corp raised its stake in Mueller Industries by 3.6% in the 1st quarter. State Street Corp now owns 1,861,695 shares of the industrial products company’s stock valued at $101,306,000 after acquiring an additional 65,449 shares during the period. Institutional investors own 88.66% of the company’s stock.

Mueller Industries Company Profile

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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; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.

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