Mueller Industries (NYSE:MLI) Stock Passes Above 200-Day Moving Average – Here’s Why

Shares of Mueller Industries, Inc. (NYSE:MLIGet Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $72.65 and traded as high as $80.79. Mueller Industries shares last traded at $79.36, with a volume of 695,307 shares traded.

Analyst Ratings Changes

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

Read Our Latest Stock Report on Mueller Industries

Mueller Industries Stock Performance

The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 15.48 and a beta of 0.99. The business’s 50 day moving average is $83.85 and its 200 day moving average is $72.87.

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

Mueller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date was Friday, December 6th. Mueller Industries’s dividend payout ratio is presently 15.53%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 94,914 shares of the company’s stock, valued at approximately $7,886,404.26. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 17,733 shares in the company, valued at $1,632,145.32. The trade was a 45.83 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Trading of Mueller Industries

Hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew its holdings 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 purchasing an additional 139,406 shares during the period. LSV Asset Management grew its stake in Mueller Industries by 44.1% in the 2nd quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock valued at $119,271,000 after acquiring an additional 641,114 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Mueller Industries by 27.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock worth $108,907,000 after acquiring an additional 315,490 shares in the last quarter. FMR LLC raised its position in Mueller Industries by 2.6% during the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock worth $79,039,000 after acquiring an additional 27,399 shares during the period. Finally, Systematic Financial Management LP lifted its holdings in Mueller Industries by 1.6% during the third quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company’s stock valued at $69,605,000 after purchasing an additional 14,729 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

About Mueller Industries

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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.

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