Mueller Industries, Inc. $MLI Stock Bought by Isthmus Partners LLC

Isthmus Partners LLC raised its stake in Mueller Industries, Inc. (NYSE:MLI) by 96.1% during the third quarter, HoldingsChannel.com reports. The fund owned 72,548 shares of the industrial products company’s stock after purchasing an additional 35,550 shares during the quarter. Isthmus Partners LLC’s holdings in Mueller Industries were worth $4,397,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Mueller Industries in the 2nd quarter worth about $1,437,555,000. First Trust Advisors LP lifted its position in shares of Mueller Industries by 0.6% during the first quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock valued at $619,839,000 after buying an additional 33,248 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in Mueller Industries in the second quarter worth about $244,156,000. Pictet Asset Management Holding SA increased its position in shares of Mueller Industries by 136.5% during the first quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock worth $185,561,000 after purchasing an additional 966,840 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Mueller Industries during the 2nd quarter worth $131,286,000. 94.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MLI. Freedom Broker lowered their price objective on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a report on Thursday, July 16th. Finally, Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Three equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Mueller Industries presently has an average rating of “Buy” and a consensus target price of $75.50.

Mueller Industries Stock Performance

Shares of MLI opened at $54.43 on Friday. Mueller Industries, Inc. has a fifty-two week low of $51.20 and a fifty-two week high of $71.12. The company has a market capitalization of $12.04 billion, a PE ratio of 13.96 and a beta of 1.08. The stock has a fifty day moving average of $61.49 and a two-hundred day moving average of $63.59.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.08). The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.28 billion. Mueller Industries had a return on equity of 25.23% and a net margin of 17.26%. Mueller Industries’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.88 EPS.

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were given a $0.1750 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.3%. Mueller Industries’s dividend payout ratio (DPR) is currently 17.95%.

Insider Buying and Selling

In related news, Director John Hansen sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total value 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gregory Christopher sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the sale, the chief executive officer owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. The trade was a 11.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 275,444 shares of company stock valued at $18,885,398. Insiders own 2.30% of the company’s stock.

Mueller Industries Profile

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.