Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$56.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 21x in the Machinery industry in the US. Total returns to shareholders of 179% over the past three years. Buy Or Sell Opportunity • Jun 30
Now 44% undervalued after recent price drop Over the last 90 days, the stock has fallen 45% to US$61.47. The fair value is estimated to be US$110, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 9.6%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Announcement • Jun 29
Mueller Industries, Inc.(NYSE:MLI) dropped from Russell 1000 Dynamic Index Mueller Industries, Inc.(NYSE:MLI) dropped from Russell 1000 Dynamic Index Buy Or Sell Opportunity • Jun 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 10.0% to US$131. The fair value is estimated to be US$108, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 9.6%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Upcoming Dividend • May 29
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 05 June 2026. Payment date: 19 June 2026. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of American dividend payers (4.2%). In line with average of industry peers (1.1%). Declared Dividend • May 13
First quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 5th June 2026 Payment date: 19th June 2026 Dividend yield will be 0.9%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 11
Mueller Industries, Inc. Declares A Regular Quarterly Cash Dividend on Common Stock, Payable June 19, 2026 Mueller Industries, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of 35 cents per share. The dividend will be payable June 19, 2026 to shareholders of record on June 5, 2026. Recent Insider Transactions • Apr 30
Chairman of the Board & CEO recently sold US$14m worth of stock On the 27th of April, Gregory Christopher sold around 103k shares on-market at roughly US$137 per share. This transaction amounted to 8.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Gregory has been a net seller over the last 12 months, reducing personal holdings by US$51m. Buy Or Sell Opportunity • Apr 21
Now 24% overvalued The stock has been flat over the last 90 days, currently trading at US$135. The fair value is estimated to be US$109, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 9.6%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to decline by 6.4% in the next 2 years. Announcement • Mar 31
Mueller Industries, Inc. (NYSE:MLI) acquired Bison Metals Technologies LLC. Mueller Industries, Inc. (NYSE:MLI) acquired Bison Metals Technologies LLC on March 30, 2026.
Mueller Industries, Inc. (NYSE:MLI) completed the acquisition of Bison Metals Technologies LLC on March 30, 2026. Announcement • Mar 27
Mueller Industries, Inc., Annual General Meeting, May 07, 2026 Mueller Industries, Inc., Annual General Meeting, May 07, 2026. Location: 150 schi ling boulevard, tennessee 38017, colierville United States Buy Or Sell Opportunity • Mar 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.7% to US$110. The fair value is estimated to be US$138, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 5.0%. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Upcoming Dividend • Mar 09
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 13 March 2026. Payment date: 27 March 2026. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (1.2%). Declared Dividend • Feb 23
Fourth quarter dividend increased to US$0.35 Dividend of US$0.35 is 40% higher than last year. Ex-date: 13th March 2026 Payment date: 27th March 2026 Dividend yield will be 0.9%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 20
Mueller Industries, Inc. Declares Quarterly Cash Dividend, Payable on March 27, 2026 The Board of Directors of Mueller Industries, Inc. has declared a regular quarterly cash dividend of $0.35 per share, to be paid on March 27, 2026 to stockholders of record as of the close of business on March 13, 2026. This represents a 40 percent increase over the 2025 quarterly dividend. Recent Insider Transactions • Feb 12
Independent Director recently sold US$117k worth of stock On the 9th of February, John Hansen sold around 1k shares on-market at roughly US$117 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$460k. Insiders have been net sellers, collectively disposing of US$40m more than they bought in the last 12 months. Price Target Changed • Feb 05
Price target increased by 7.3% to US$140 Up from US$131, the current price target is an average from 2 analysts. New target price is 21% above last closing price of US$115. Stock is up 42% over the past year. The company is forecast to post earnings per share of US$6.63 for next year compared to US$6.99 last year. Reported Earnings • Feb 04
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$6.99 (up from US$5.43 in FY 2024). Revenue: US$4.18b (up 11% from FY 2024). Net income: US$765.2m (up 27% from FY 2024). Profit margin: 18% (up from 16% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.3%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 13
Control Devices, LLC acquired Sherwood Valve Products, Inc. from Mueller Industries, Inc. (NYSE:MLI). Control Devices, LLC acquired Sherwood Valve Products, Inc. from Mueller Industries, Inc. (NYSE:MLI) on January 12, 2026. As part of the transaction, HBM Holdings and Control Devices will welcome approximately 75 employees from Sherwood Valve. This acquisition unites complementary product portfolios and strengthens our ability to serve customers, expand in key markets, and build on Sherwood's proud tradition.
Control Devices, LLC completed the acquisition of Sherwood Valve Products, Inc. from Mueller Industries, Inc. (NYSE:MLI) on January 12, 2026. Upcoming Dividend • Nov 28
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 05 December 2025. Payment date: 19 December 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (1.4%). Declared Dividend • Nov 13
Third quarter dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 5th December 2025 Payment date: 19th December 2025 Dividend yield will be 0.9%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.6% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 08
Mueller Industries, Inc. Declares Quarterly Cash Dividend, Payable on December 19, 2025 Mueller Industries, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of 25 cents per share. The dividend will be payable December 19, 2025 to shareholders of record on December 5, 2025. Recent Insider Transactions • Oct 28
Chairman of the Board & CEO recently sold US$36m worth of stock On the 27th of October, Gregory Christopher sold around 350k shares on-market at roughly US$104 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Gregory's only on-market trade for the last 12 months. Price Target Changed • Oct 23
Price target increased by 14% to US$131 Up from US$115, the current price target is an average from 2 analysts. New target price is 25% above last closing price of US$104. Stock is up 27% over the past year. The company is forecast to post earnings per share of US$7.40 for next year compared to US$5.43 last year. Reported Earnings • Oct 21
Third quarter 2025 earnings released Third quarter 2025 results: Net income: (down US$168.7m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Price Target Changed • Oct 21
Price target increased by 9.1% to US$120 Up from US$110, the current price target is an average from 2 analysts. New target price is 14% above last closing price of US$104. Stock is up 27% over the past year. The company is forecast to post earnings per share of US$6.61 for next year compared to US$5.43 last year. Recent Insider Transactions Derivative • Aug 31
Executive VP notifies of intention to sell stock Jeffrey Martin intends to sell 66k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of August. If the sale is conducted around the recent share price of US$96.54, it would amount to US$6.4m. Since March 2025, Jeffrey's direct individual holding has increased from 342.96k shares to 371.39k. Company insiders have collectively sold US$3.0m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Aug 29
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 05 September 2025. Payment date: 19 September 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (1.5%). Declared Dividend • Aug 04
Second quarter dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 5th September 2025 Payment date: 19th September 2025 Dividend yield will be 1.1%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 01
Mueller Industries, Inc. Declares Regular Quarterly Cash Dividend, Payable on September 19, 2025 Mueller Industries, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of 25 cents per share. The dividend will be payable September 19, 2025 to shareholders of record on September 5, 2025. Buy Or Sell Opportunity • Jul 31
Now 20% undervalued Over the last 90 days, the stock has risen 13% to US$85.37. The fair value is estimated to be US$107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 7.0% in the next 2 years. Reported Earnings • Jul 22
First quarter 2025 earnings released: EPS: US$1.42 (vs US$1.24 in 1Q 2024) First quarter 2025 results: EPS: US$1.42 (up from US$1.24 in 1Q 2024). Revenue: US$1.00b (up 18% from 1Q 2024). Net income: US$157.4m (up 14% from 1Q 2024). Profit margin: 16% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Price Target Changed • Jul 22
Price target increased by 14% to US$120 Up from US$105, the current price target is provided by 1 analyst. New target price is 40% above last closing price of US$85.70. Stock is up 28% over the past year. The company posted earnings per share of US$5.43 last year. Recent Insider Transactions Derivative • Jul 02
Chief Manufacturing Officer notifies of intention to sell stock Steffen Sigloch intends to sell 20k shares in the next 90 days after lodging an Intent To Sell Form on the 1st of July. If the sale is conducted around the recent share price of US$79.47, it would amount to US$1.6m. Since September 2024, Steffen's direct individual holding has decreased from 221.61k shares to 139.96k. Company insiders have collectively sold US$17m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • May 30
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 06 June 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (1.6%). Declared Dividend • May 15
First quarter dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 6th June 2025 Payment date: 20th June 2025 Dividend yield will be 1.1%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 40% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 10
Mueller Industries, Inc. Declares Regular Quarterly Cash Dividend, Payable on June 20, 2025 Mueller Industries, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of 25 cents per share. The dividend will be payable June 20, 2025 to shareholders of record on June 6, 2025. Recent Insider Transactions • May 01
Independent Director recently sold US$1.2m worth of stock On the 29th of April, Scott Goldman sold around 16k shares on-market at roughly US$73.46 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$17m more than they bought in the last 12 months. Reported Earnings • Apr 22
First quarter 2025 earnings released: EPS: US$1,422 (vs US$1.24 in 1Q 2024) First quarter 2025 results: EPS: US$1,422 (up from US$1.24 in 1Q 2024). Revenue: US$1.00b (up 18% from 1Q 2024). Net income: US$157.4m (up 14% from 1Q 2024). Profit margin: 16% (in line with 1Q 2024). Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Announcement • Mar 28
Mueller Industries, Inc., Annual General Meeting, May 08, 2025 Mueller Industries, Inc., Annual General Meeting, May 08, 2025. Location: 150 schilling boulevard, tennessee 38017, collierville United States Recent Insider Transactions Derivative • Mar 02
Chief Manufacturing Officer notifies of intention to sell stock Steffen Sigloch intends to sell 101k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of February. If the sale is conducted around the recent share price of US$78.89, it would amount to US$8.0m. Since March 2024, Steffen's direct individual holding has increased from 204.76k shares to 221.61k. Company insiders have collectively sold US$19m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Feb 25
Fourth quarter dividend increased to US$0.25 Dividend of US$0.25 is 25% higher than last year. Ex-date: 14th March 2025 Payment date: 28th March 2025 Dividend yield will be 1.1%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 21
Mueller Industries, Inc. Increases Regular Quarterly Cash Dividend, Payable on March 28, 2025 The Board of Directors of Mueller Industries, Inc. has declared a regular quarterly cash dividend of $0.25 per share, to be paid on March 28, 2025 to stockholders of record as of the close of business on March 14, 2025. This represents a 25% increase over the 2024 quarterly dividend. Recent Insider Transactions • Feb 14
Independent Director recently sold US$798k worth of stock On the 13th of February, Scott Goldman sold around 10k shares on-market at roughly US$79.81 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$19m more than they bought in the last 12 months. Reported Earnings • Feb 04
Full year 2024 earnings released: EPS: US$5.43 (vs US$5.41 in FY 2023) Full year 2024 results: EPS: US$5.43 (up from US$5.41 in FY 2023). Revenue: US$3.77b (up 10% from FY 2023). Net income: US$604.9m (flat on FY 2023). Profit margin: 16% (down from 18% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Feb 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. Independent Director Bill Drummond was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Nov 29
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 06 December 2024. Payment date: 20 December 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (1.5%). Recent Insider Transactions Derivative • Nov 22
Independent Director notifies of intention to sell stock Charles Herzog intends to sell 15k shares in the next 90 days after lodging an Intent To Sell Form on the 21st of November. If the sale is conducted around the recent share price of US$90.81, it would amount to US$1.4m. Since March 2024, Charles' direct individual holding has increased from 46.59k shares to 49.32k. Company insiders have collectively sold US$21m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Nov 13
Third quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 6th December 2024 Payment date: 20th December 2024 Dividend yield will be 0.9%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 09
Mueller Industries, Inc. Declares Regular Cash Dividend for the Fourth Quarter, Payable on December 20, 2024 Mueller Industries, Inc. announced that its board of directors has declared a regular cash dividend on its common stock of 20 cents per share. The dividend will be paid on December 20, 2024 to shareholders of record on December 6, 2024. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$94.40, the stock trades at a trailing P/E ratio of 18.3x. Average forward P/E is 19x in the Machinery industry in the US. Total returns to shareholders of 224% over the past three years. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: US$1,515 (vs US$1.19 in 3Q 2023) Third quarter 2024 results: EPS: US$1,515 (up from US$1.19 in 3Q 2023). Revenue: US$997.8m (up 22% from 3Q 2023). Net income: US$168.7m (up 27% from 3Q 2023). Profit margin: 17% (in line with 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 30
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 06 September 2024. Payment date: 20 September 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (1.7%). Recent Insider Transactions • Aug 27
Chairman of the Board & CEO recently sold US$7.0m worth of stock On the 23rd of August, Gregory Christopher sold around 100k shares on-market at roughly US$70.24 per share. This transaction amounted to 6.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Gregory has been a net seller over the last 12 months, reducing personal holdings by US$14m. Recent Insider Transactions • Aug 13
Independent Director recently sold US$672k worth of stock On the 9th of August, John Hansen sold around 10k shares on-market at roughly US$67.24 per share. This transaction amounted to 8.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$7.8m more than they bought in the last 12 months. Announcement • Aug 07
Mueller Industries, Inc. (NYSE:MLI) acquired Elkhart Products Corporation. Mueller Industries, Inc. (NYSE:MLI) acquired Elkhart Products Corporation on August 6, 2024.
Mueller Industries, Inc. (NYSE:MLI) completed the acquisition of Elkhart Products Corporation on August 6, 2024. Declared Dividend • Aug 05
Second quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 6th September 2024 Payment date: 20th September 2024 Dividend yield will be 1.1%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 02
Mueller Industries, Inc. Declares Cash Dividend for Third Quarter of 2024, Payable on September 20, 2024 Mueller Industries, Inc. announced that its Board of Directors has declared a regular cash dividend on its common stock of 20 cents per share. The dividend will be paid on September 20, 2024 to shareholders of record on September 6, 2024. Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: US$1.44 (vs US$1.60 in 2Q 2023) Second quarter 2024 results: EPS: US$1.44 (down from US$1.60 in 2Q 2023). Revenue: US$997.7m (up 11% from 2Q 2023). Net income: US$160.2m (down 9.9% from 2Q 2023). Profit margin: 16% (down from 20% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$64.20, the stock trades at a trailing P/E ratio of 12.8x. Average forward P/E is 18x in the Machinery industry in the US. Total returns to shareholders of 220% over the past three years. Upcoming Dividend • May 31
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 07 June 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (1.7%). Announcement • May 29
Mueller Industries, Inc. (NYSE:MLI) completed the acquisition to acquire Nehring Electrical Works Company from group of sellers for approximately $600 million. Mueller Industries, Inc. (NYSE:MLI) entered into a definitive agreement to acquire Nehring Electrical Works Company from group of sellers for approximately $600 million on April 19, 2024. As part of consideration $575 million paid in cash in immediately available funds and additional $25 million earn out. The Subject to regulatory approval and customary closing conditions and Transaction expected to close during the second quarter of 2024. The HSR Clearance shall have been received. The Escrow Agreement, duly executed by Buyer. For the twelve months ended December 31, 2023, Nehring’s annual net sales were approximately $400 million. Serge Benchetrit, Sean Ewen and Jeffrey Daniel of William Blair & Company, L.L.C. acted as financial advisor to Nehring Electrical Works Company. Matt Stevens and Katie Mariani of Winston & Strawn LLP acted as legal advisor to group of sellers. Serge Benchetrit of Willkie advised Mueller Industries, Inc.Mueller Industries, Inc. (NYSE:MLI) completed the acquisition to acquire Nehring Electrical Works Company from group of sellers on May 28, 2024. The current Nehring team, including management, will remain in place. Declared Dividend • May 15
First quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 7th June 2024 Payment date: 21st June 2024 Dividend yield will be 1.4%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 11
Mueller Industries, Inc. Declares Cash Dividend for Second Quarter, Payable on June 21, 202 Mueller Industries, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of 20 cents per share. The dividend will be payable June 21, 2024 to shareholders of record on June 7, 2024. Recent Insider Transactions • Apr 30
Executive VP recently sold US$3.0m worth of stock On the 26th of April, Jeffrey Martin sold around 52k shares on-market at roughly US$57.25 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jeffrey has been a net seller over the last 12 months, reducing personal holdings by US$5.3m.