Bullish indicating open at $55-$60, IPO prices at $37
Sigloch Steffen, Chief Manufacturing Officer at Mueller Industries Inc . (NYSE:MLI), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Steffen sold 19,584 shares of common stock on April 3rd, totaling approximately $1.47 million. The shares were sold at a weighted average price of $74.862, with individual transaction prices ranging from $74.04 to $76.92. The sale comes as Mueller Industries maintains strong fundamentals, with InvestingPro data showing the company holds more cash than debt and boasts a healthy current ratio of 5.06x.
Following this transaction, Steffen holds 159,544 shares directly. The sale was conducted under a pre-established Rule 10b5-1 trading plan, as disclosed in the filing. While the stock has experienced recent pressure, down about 7% in the past week, InvestingPro analysis suggests the company remains undervalued relative to its Fair Value. Subscribers can access 8 additional ProTips and comprehensive financial metrics to better understand Mueller Industries' investment potential.
In other recent news, Mueller Industries reported fourth-quarter revenue of $923.5 million, surpassing the $847 million estimate and showing a 26.1% year-over-year increase. Despite the revenue beat, the company's adjusted earnings per share for the quarter were $1.21, falling short of the analyst consensus of $1.06. This revenue growth was attributed to acquisitions made in the latter half of 2024 and increased unit volume in U.S. construction-related products, alongside higher copper prices. Additionally, Mueller Industries announced a 25% increase in its regular quarterly cash dividend, continuing its five-year trend of double-digit growth in shareholder distributions. The new dividend of $.25 per share is set for payment on March 28, 2025, to shareholders recorded by March 14, 2025. The company also highlighted its strong operating cash flow, generating $140.1 million for the fourth quarter and $645.9 million for the full year. CEO Greg Christopher noted the company's positive end to 2024, emphasizing promising initiatives and a focus on strengthening core operations. While expressing optimism about new trade and regulatory policies, Christopher acknowledged that their impact would take time to materialize.
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