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

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

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in Mueller Industries in the second quarter valued at about $1,437,555,000. William Blair Investment Management LLC bought a new position in Mueller Industries during the second quarter worth about $244,156,000. Bank of New York Mellon Corp bought a new position in Mueller Industries during the second quarter worth about $131,286,000. Pictet Asset Management Holding SA lifted its stake in 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 during the period. Finally, Jupiter Topco LLC acquired a new stake in Mueller Industries during the second quarter valued at approximately $95,120,000. Institutional investors own 94.50% of the company’s stock.

Insider Transactions at Mueller Industries

In other news, CEO Gregory L. Christopher sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total value of $13,688,000.00. Following the transaction, the chief executive officer directly owned 1,598,850 shares of the company’s stock, valued at $109,425,294. The trade was a 11.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total value of $68,130.00. Following the sale, the director owned 29,000 shares in the company, 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. Over the last 90 days, insiders sold 275,444 shares of company stock valued at $18,885,398. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MLI shares. Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price for the company in a report on Thursday, July 16th. Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday. Two analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $75.00.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $60.76 on Tuesday. Mueller Industries, Inc. has a 52 week low of $49.51 and a 52 week high of $71.12. The company’s fifty day moving average is $62.19 and its 200-day moving average is $63.57. The company has a market capitalization of $13.44 billion, a PE ratio of 15.82 and a beta of 1.08.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $1.27 billion. During the same quarter in the prior year, the firm earned $1.96 EPS. The firm’s quarterly revenue was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were issued a dividend of $0.1750 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.2%. Mueller Industries’s dividend payout ratio (DPR) is presently 18.23%.

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.