Bullish indicating open at $55-$60, IPO prices at $37
Sigloch Steffen, the Chief Manufacturing Officer at Mueller Industries Inc . (NYSE:MLI), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Steffen sold a total of 15,298 shares over two days, amounting to approximately $1.26 million. The sales occurred on March 10 and 11, with transaction prices ranging from $82.50 to $82.75 per share. The transaction comes as Mueller Industries maintains strong financial health, with InvestingPro data showing the company’s stock has delivered an impressive 60% return over the past year and trades at a P/E ratio of 15.2.
Following these transactions, Steffen now holds 179,128 shares of Mueller Industries. These sales were executed under a pre-established Rule 10b5-1 trading plan, which allows company insiders to sell stocks at predetermined times to avoid any implications of insider trading. According to InvestingPro analysis, Mueller Industries maintains a strong balance sheet with more cash than debt and excellent liquidity metrics. The company’s robust financial position is reflected in its "GREAT" overall financial health score, with 8 additional ProTips available to subscribers.
In other recent news, Mueller Industries announced a 25% increase in its regular quarterly dividend, marking the fifth consecutive year of double-digit growth in its payout to shareholders. The dividend is set at $0.25 per share, payable on March 28, 2025, to shareholders of record by March 14, 2025. Additionally, the company reported its fourth-quarter financial results, where revenue surpassed expectations at $923.5 million, exceeding the $847 million estimate and showing a 26.1% year-over-year increase. However, the adjusted earnings per share of $1.21 missed the analyst consensus of $1.06. The revenue boost was attributed to recent acquisitions and increased unit volume in U.S. construction-related products. Higher copper prices also played a role, with COMEX copper averaging $4.22 per pound during the quarter. Mueller Industries generated $140.1 million in operating cash flow for the fourth quarter and $645.9 million for the full year, ending with $1.06 billion in cash and short-term investments. CEO Greg Christopher highlighted the company’s strong performance and mentioned ongoing initiatives aimed at strengthening core operations.
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