Mueller Industries, Inc. (NYSE:MLI) declared a quarterly dividend on Friday, July 31st, RTT News reports. Stockholders of record on Friday, September 4th will be paid a dividend of 0.10 per share by the industrial products company on Friday, September 18th. This represents a $0.40 annualized dividend and a dividend yield of 1.43%.
Mueller Industries has raised its dividend payment by an average of 6.7% annually over the last three years. Mueller Industries has a payout ratio of -333.3% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Mueller Industries to earn $1.00 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 40.0%.
Shares of Mueller Industries stock opened at $27.96 on Friday. The company has a fifty day simple moving average of $26.32 and a 200-day simple moving average of $26.85. Mueller Industries has a 12-month low of $16.78 and a 12-month high of $34.11. The company has a current ratio of 2.93, a quick ratio of 1.86 and a debt-to-equity ratio of 0.49. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 15.36 and a beta of 1.16.
Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 21st. The industrial products company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.08). Mueller Industries had a net margin of 5.22% and a return on equity of 15.69%. The company had revenue of $500.17 million during the quarter. On average, analysts forecast that Mueller Industries will post -0.12 earnings per share for the current fiscal year.
Separately, Zacks Investment Research cut shares of Mueller Industries from a “buy” rating to a “hold” rating in a report on Friday, May 29th.
In other news, insider Steffen Sigloch sold 6,749 shares of Mueller Industries stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $29.27, for a total transaction of $197,543.23. Following the sale, the insider now owns 155,274 shares in the company, valued at $4,544,869.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.90% of the company’s stock.
Mueller Industries Company Profile
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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