Mueller Industries, Inc. (NYSE:MLI) Announces $0.10 Quarterly Dividend

Mueller Industries, Inc. (NYSE:MLI) announced a quarterly dividend on Friday, July 31st, RTT News reports. Shareholders of record on Friday, September 4th will be given 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 yield of 1.43%.

Mueller Industries has raised its dividend payment by an average of 6.7% per year over the last three years. Mueller Industries has a payout ratio of -333.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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%.

NYSE:MLI opened at $27.96 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.93 and a quick ratio of 1.86. Mueller Industries has a fifty-two week low of $16.78 and a fifty-two week high of $34.11. The stock’s 50-day moving average is $26.32 and its two-hundred day moving average is $26.85. The stock has a market cap of $1.61 billion, a PE ratio of 15.36 and a beta of 1.16.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, July 21st. The industrial products company reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $500.17 million for the quarter. On average, equities research analysts anticipate that Mueller Industries will post -0.12 earnings per share for the current year.

Separately, Zacks Investment Research cut Mueller Industries from a “buy” rating to a “hold” rating in a research note on Friday, May 29th.

In other Mueller Industries news, insider Steffen Sigloch sold 6,749 shares of Mueller Industries stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $29.27, for a total transaction of $197,543.23. Following the transaction, the insider now owns 155,274 shares of the company’s stock, valued at approximately $4,544,869.98. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.90% of the company’s stock.

About Mueller Industries

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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Dividend History for Mueller Industries (NYSE:MLI)

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