Mueller Industries, Inc. $MLI Stock: Kestra Investment Management LLC Grows Stake

Kestra Investment Management LLC boosted its holdings in Mueller Industries, Inc. (NYSE:MLI) by 73.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 26,772 shares of the industrial products company’s stock after acquiring an additional 11,293 shares during the period. Kestra Investment Management LLC’s holdings in Mueller Industries were worth $1,623,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Mueller Industries during the 2nd quarter valued at about $1,437,555,000. First Trust Advisors LP raised its holdings 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 purchasing an additional 33,248 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Mueller Industries by 97.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,363,538 shares of the industrial products company’s stock valued at $206,252,000 after purchasing an additional 1,659,240 shares during the last quarter. William Blair Investment Management LLC purchased a new position in shares of Mueller Industries during the second quarter valued at approximately $244,156,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Mueller Industries during the second quarter valued at approximately $131,286,000. Institutional investors own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

MLI has been the topic of a number of research analyst reports. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, October 15th. Freedom Broker cut their target price on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Finally, Wall Street Zen upgraded shares of Mueller Industries from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. Three research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $75.50.

Insider Activity

In related news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the transaction, the director owned 79,734 shares of the company’s stock, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John B. Hansen sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $55.40, for a total transaction of $110,800.00. Following the sale, the director owned 179,078 shares of the company’s stock, valued at $9,920,921.20. This trade represents a 1.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.30% of the stock is owned by corporate insiders.

Mueller Industries Stock Performance

Mueller Industries stock opened at $55.03 on Wednesday. Mueller Industries, Inc. has a one year low of $52.00 and a one year high of $71.12. The stock has a fifty day moving average of $59.15 and a 200 day moving average of $61.86. The stock has a market cap of $11.99 billion, a PE ratio of 14.11 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last announced its earnings results 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 firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Mueller Industries had a return on equity of 25.23% and a net margin of 17.26%. The company’s revenue for the quarter was up 31.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.88 earnings per share.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be given a dividend of $0.1750 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.3%. Mueller Industries’s dividend payout ratio is presently 17.95%.

Mueller Industries Profile

Mueller Industries, Inc. manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products. The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.