Mueller Industries (NYSE:MLI) Reaches New 1-Year High Following Dividend Announcement

Mueller Industries, Inc. (NYSE:MLI) shares hit a new 52-week high on Monday following a dividend announcement from the company. The stock traded as high as $96.61 and last traded at $95.90, with a volume of 15619 shares traded. The stock had previously closed at $94.40.

The newly announced dividend which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.84%. Mueller Industries’s dividend payout ratio is presently 15.53%.

Mueller Industries Stock Up 1.2 %

The company has a market capitalization of $10.87 billion, a price-to-earnings ratio of 18.33 and a beta of 1.01. The business has a 50-day moving average price of $75.01 and a 200-day moving average price of $66.06.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.16. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%. The firm had revenue of $997.80 million for the quarter, compared to the consensus estimate of $936.00 million. The company’s revenue was up 21.7% on a year-over-year basis.

Insider Buying and Selling

In related news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total value of $83,090.00. Following the completion of the sale, the director now directly owns 94,914 shares of the company’s stock, valued at approximately $7,886,404.26. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total transaction of $83,090.00. Following the completion of the sale, the director now owns 94,914 shares of the company’s stock, valued at approximately $7,886,404.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory L. Christopher sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total value of $3,496,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,214,311 shares of the company’s stock, valued at approximately $84,904,625.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,000 shares of company stock valued at $6,626,940. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Mueller Industries

A number of large investors have recently added to or reduced their stakes in MLI. International Assets Investment Management LLC bought a new stake in shares of Mueller Industries in the second quarter valued at about $26,000. Federated Hermes Inc. bought a new position in Mueller Industries in the second quarter worth $28,000. Opal Wealth Advisors LLC bought a new stake in Mueller Industries in the 2nd quarter valued at $30,000. GAMMA Investing LLC lifted its holdings in shares of Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 146 shares during the period. Finally, Larson Financial Group LLC boosted its position in shares of Mueller Industries by 61.7% during the 2nd quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock valued at $55,000 after acquiring an additional 369 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.

Mueller Industries Company Profile

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.