John B. Hansen, a director at Mueller Industries Inc . (NYSE:MLI), has sold 1,000 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a price of $83.09 each, totaling $83,090. Following this transaction, Hansen holds 94,914 shares directly. Additionally, he maintains an indirect ownership of 16,000 shares through a trust benefiting his wife and children.
In other recent news, Mueller Industries reported a significant increase in their third-quarter earnings and revenue, surpassing analyst predictions. The industrial manufacturer's earnings per share rose to $1.48, exceeding the consensus forecast of $1.32. Revenue saw an increase of 21.7% year-over-year, reaching $997.8 million, which was notably higher than the anticipated $936 million. This surge in net sales was largely credited to the addition of $102.4 million in revenue from recently acquired businesses, coupled with an increase in copper prices.
Operating income also saw a positive trend, growing to $206.7 million from last year's $181.0 million. The company maintained a strong cash position of $969.6 million at the end of the quarter. CEO Greg Christopher noted the company's progress in integrating their two new businesses, which have both positively influenced their results. These recent developments suggest that Mueller Industries is well-positioned for future growth, according to the CEO's statements.
InvestingPro Insights
As John B. Hansen reduces his stake in Mueller Industries Inc. (NYSE:MLI), investors might be curious about the company's current financial health and market position. Recent data from InvestingPro sheds light on MLI's performance and valuation.
Mueller Industries boasts a market capitalization of $9.41 billion, reflecting its substantial presence in the industrial sector. The company's P/E ratio stands at 15.71, suggesting a reasonable valuation relative to its earnings. This is particularly noteworthy given that MLI's stock is trading near its 52-week high, with a price that's 98.61% of its peak over the past year.
InvestingPro Tips highlight MLI's strong financial position. The company holds more cash than debt on its balance sheet, indicating financial stability. This solid footing is further reinforced by the fact that MLI's liquid assets exceed its short-term obligations, providing a cushion for operational flexibility.
Investors focused on income might appreciate that Mueller Industries has maintained dividend payments for 21 consecutive years and has raised its dividend for the past three years. The current dividend yield is 0.96%, with a significant dividend growth of 33.33% in the last twelve months.
Performance-wise, MLI has demonstrated impressive returns. The stock has delivered a staggering 123.23% total return over the past year, with a 49.67% return in just the last six months. This strong performance extends to longer time horizons, with high returns over the last decade and the past five years.
For those interested in exploring more about Mueller Industries' financial health and market prospects, InvestingPro offers an additional 13 tips, providing a comprehensive analysis to inform investment decisions.
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