Wellington Management Group LLP Makes New Investment in Mueller Industries, Inc. $MLI

Wellington Management Group LLP bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 15,599 shares of the industrial products company’s stock, valued at approximately $1,918,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MLI. NewEdge Advisors LLC lifted its holdings in Mueller Industries by 10.7% in the first quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock valued at $1,121,000 after acquiring an additional 1,420 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Mueller Industries by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company’s stock valued at $17,563,000 after buying an additional 3,316 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Mueller Industries in the first quarter valued at $524,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Mueller Industries by 108.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 261 shares in the last quarter. Finally, CW Advisors LLC lifted its stake in shares of Mueller Industries by 4.0% during the second quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock valued at $289,000 after buying an additional 140 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the transaction, the director directly owned 79,734 shares in the company, valued at $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director John Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total value of $68,130.00. Following the transaction, the director directly owned 29,000 shares in the company, valued at approximately $1,975,770. This trade represents a 3.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 275,444 shares of company stock valued at $18,885,398 over the last ninety days. Insiders own 2.30% of the company’s stock.

Mueller Industries Stock Down 5.7%

MLI stock opened at $60.09 on Friday. The firm’s 50-day simple moving average is $62.99 and its 200 day simple moving average is $62.81. Mueller Industries, Inc. has a fifty-two week low of $48.26 and a fifty-two week high of $71.12. The stock has a market cap of $13.29 billion, a PE ratio of 15.65 and a beta of 1.10.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share 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 business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the business earned $1.96 earnings per share. The company’s revenue was up 25.5% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries’s dividend payout ratio is presently 18.23%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, July 16th. Finally, Wall Street Zen cut 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 MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $75.00.

Mueller Industries Company Profile

Mueller Industries, Inc is a manufacturer of copper, brass, aluminum, steel and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, construction and industrial applications. The company serves wholesale distributors, original equipment manufacturers and other industrial customers.

Its product portfolio includes copper tube and fittings, brass rod and forgings, valves, plumbing components, plastic pipe and fittings, aluminum extrusions, refrigeration components and other engineered metal products.