Mueller Industries (NYSE:MLI) Hits New 12-Month High at $53.01

Mueller Industries, Inc. (NYSE:MLI)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $53.01 and last traded at $52.07, with a volume of 2178 shares traded. The stock had previously closed at $52.29.

Separately, Zacks Investment Research lowered shares of Mueller Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 22nd.

The firm has a market capitalization of $2.99 billion, a PE ratio of 11.80 and a beta of 1.16. The stock’s 50-day moving average price is $43.17 and its 200 day moving average price is $43.89. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.99 and a quick ratio of 1.92.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 17th. Investors of record on Friday, September 3rd were issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend was Thursday, September 2nd. Mueller Industries’s payout ratio is 21.14%.

In other Mueller Industries news, Director Gary S. Gladstein acquired 11,399 shares of the business’s stock in a transaction that occurred on Thursday, October 21st. The shares were bought at an average cost of $47.71 per share, with a total value of $543,846.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.90% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Point72 Hong Kong Ltd purchased a new position in Mueller Industries during the first quarter valued at approximately $82,000. Federated Hermes Inc. increased its holdings in Mueller Industries by 123.0% during the first quarter. Federated Hermes Inc. now owns 2,243 shares of the industrial products company’s stock valued at $93,000 after buying an additional 1,237 shares during the period. Captrust Financial Advisors boosted its stake in Mueller Industries by 3,083.5% in the first quarter. Captrust Financial Advisors now owns 3,661 shares of the industrial products company’s stock valued at $152,000 after acquiring an additional 3,546 shares in the last quarter. Koshinski Asset Management Inc. acquired a new stake in Mueller Industries in the third quarter valued at approximately $157,000. Finally, Carolina Wealth Advisors LLC acquired a new stake in Mueller Industries in the third quarter valued at approximately $173,000. 88.32% of the stock is currently owned by institutional investors.

About Mueller Industries (NYSE:MLI)

Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of domestic piping systems group, Canadian operations, European operations, trading group, Jiangsu Mueller-Xingrong Copper Industries Limited, and Jungwoo Metal Ind.

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