Mueller Industries (NYSE:MLI) Reaches New 52-Week High – Still a Buy?

Mueller Industries, Inc. (NYSE:MLI) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $84.23 and last traded at $84.09, with a volume of 149521 shares. The stock had previously closed at $83.00.

Mueller Industries Stock Performance

The business’s 50-day moving average is $73.33 and its 200-day moving average is $65.03. The company has a market capitalization of $9.64 billion, a PE ratio of 16.13 and a beta of 1.01.

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

Insider Buying and Selling at Mueller Industries

In related news, CEO Gregory L. Christopher sold 45,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $67.73, for a total value of $3,047,850.00. Following the completion of the transaction, the chief executive officer now directly owns 1,264,311 shares of the company’s stock, valued at approximately $85,631,784.03. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director John B. Hansen sold 1,000 shares of the business’s 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 transaction, the director now owns 94,914 shares in the company, valued at $7,886,404.26. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gregory L. Christopher sold 45,000 shares of Mueller Industries stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $67.73, for a total value of $3,047,850.00. Following the completion of the transaction, the chief executive officer now owns 1,264,311 shares in the company, valued at $85,631,784.03. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 104,000 shares of company stock worth $7,164,860. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Mueller Industries

A number of large investors have recently made changes to their positions in the stock. Harbour Investments Inc. lifted its position in Mueller Industries by 6.0% during the third quarter. Harbour Investments Inc. now owns 59,645 shares of the industrial products company’s stock valued at $4,420,000 after purchasing an additional 3,391 shares during the period. Versor Investments LP acquired a new position in shares of Mueller Industries in the 3rd quarter valued at about $674,000. Meritage Portfolio Management boosted its stake in shares of Mueller Industries by 11.4% in the third quarter. Meritage Portfolio Management now owns 21,579 shares of the industrial products company’s stock worth $1,599,000 after buying an additional 2,215 shares during the last quarter. Atria Investments Inc grew its holdings in Mueller Industries by 2.5% during the third quarter. Atria Investments Inc now owns 12,396 shares of the industrial products company’s stock worth $919,000 after acquiring an additional 302 shares during the period. Finally, Assetmark Inc. raised its position in Mueller Industries by 20.8% during the third quarter. Assetmark Inc. now owns 122,625 shares of the industrial products company’s stock valued at $9,087,000 after acquiring an additional 21,119 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

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.