Freedom Day Solutions LLC Acquires 30,023 Shares of Mueller Industries, Inc. $MLI

Freedom Day Solutions LLC lifted its holdings in Mueller Industries, Inc. (NYSE:MLI) by 94.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,878 shares of the industrial products company’s stock after buying an additional 30,023 shares during the quarter. Mueller Industries comprises 0.8% of Freedom Day Solutions LLC’s portfolio, making the stock its 29th biggest holding. Freedom Day Solutions LLC’s holdings in Mueller Industries were worth $3,750,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MLI. Family Wealth Partners LLC increased its position in Mueller Industries by 100.0% in the 3rd quarter. Family Wealth Partners LLC now owns 3,332 shares of the industrial products company’s stock valued at $202,000 after acquiring an additional 1,666 shares in the last quarter. CWA Asset Management Group LLC raised its stake in shares of Mueller Industries by 114.2% in the third quarter. CWA Asset Management Group LLC now owns 121,334 shares of the industrial products company’s stock worth $7,354,000 after acquiring an additional 64,689 shares during the last quarter. Worth Financial Advisory Group LLC lifted its position in shares of Mueller Industries by 100.0% during the third quarter. Worth Financial Advisory Group LLC now owns 4,250 shares of the industrial products company’s stock worth $258,000 after purchasing an additional 2,125 shares in the last quarter. Abel Hall LLC lifted its position in shares of Mueller Industries by 97.8% during the third quarter. Abel Hall LLC now owns 3,368 shares of the industrial products company’s stock worth $204,000 after purchasing an additional 1,665 shares in the last quarter. Finally, Capital Square LLC acquired a new position in shares of Mueller Industries during the third quarter worth approximately $201,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Stock Up 1.1%

Shares of MLI stock opened at $60.76 on Tuesday. The firm has a market cap of $13.44 billion, a price-to-earnings ratio of 15.82 and a beta of 1.08. Mueller Industries, Inc. has a 12 month low of $49.51 and a 12 month high of $71.12. The stock has a 50-day moving average price of $62.19 and a 200 day moving average price of $63.57.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the prior year, the company posted $1.96 EPS. The company’s revenue was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were given a dividend of $0.1750 per share. The ex-dividend date was Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.2%. Mueller Industries’s payout ratio is currently 18.23%.

Insider Transactions at Mueller Industries

In other news, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the sale, the director owned 79,734 shares in the company, valued at $5,109,354.72. The trade was a 2.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Hansen sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total transaction of $68,130.00. Following the sale, the director directly owned 29,000 shares of the company’s stock, valued at approximately $1,975,770. This trade represents a 3.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 275,444 shares of company stock worth $18,885,398 in the last quarter. 2.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday. Finally, Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Two equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $75.00.

About Mueller Industries

Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.

The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.