Mueller Industries, Inc. $MLI Shares Acquired by Sterling Capital Management LLC

Sterling Capital Management LLC increased its stake in Mueller Industries, Inc. (NYSE:MLI) by 127.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 251,044 shares of the industrial products company’s stock after acquiring an additional 140,540 shares during the quarter. Sterling Capital Management LLC’s holdings in Mueller Industries were worth $15,216,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Engineers Gate Manager LP increased its stake in Mueller Industries by 169.1% in the 2nd quarter. Engineers Gate Manager LP now owns 35,950 shares of the industrial products company’s stock worth $4,419,000 after purchasing an additional 22,590 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Mueller Industries during the second quarter valued at about $3,658,000. Tidal Investments LLC lifted its stake in Mueller Industries by 106.6% during the second quarter. Tidal Investments LLC now owns 436,778 shares of the industrial products company’s stock valued at $53,693,000 after buying an additional 225,366 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its stake in Mueller Industries by 60.3% during the second quarter. Susquehanna Fundamental Investments LLC now owns 90,342 shares of the industrial products company’s stock valued at $11,106,000 after buying an additional 33,981 shares in the last quarter. Finally, Argent Capital Management LLC boosted its holdings in shares of Mueller Industries by 86.7% in the third quarter. Argent Capital Management LLC now owns 42,853 shares of the industrial products company’s stock worth $2,597,000 after buying an additional 19,904 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, October 15th. Wall Street Zen downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday. Freedom Broker reduced their price target 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. Finally, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday, July 16th. Three investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $75.50.

Insider Activity

In related news, Director John B. Hansen sold 2,444 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total transaction of $165,507.68. Following the completion of the sale, the director directly owned 181,328 shares in the company, valued at approximately $12,279,532.16. This trade represents a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gregory L. 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 transaction, the chief executive officer directly owned 1,598,850 shares in the company, valued at $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. Insiders have sold 275,444 shares of company stock worth $18,885,398 in the last 90 days. Company insiders own 2.30% of the company’s stock.

Mueller Industries Stock Performance

NYSE:MLI traded down $0.40 during trading hours on Friday, hitting $54.13. 2,098,761 shares of the company’s stock traded hands, compared to its average volume of 1,575,034. The firm has a market cap of $11.80 billion, a P/E ratio of 13.88 and a beta of 1.08. Mueller Industries, Inc. has a twelve month low of $51.20 and a twelve month high of $71.12. The stock’s fifty day moving average price is $61.26 and its two-hundred day moving average price is $63.52.

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

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were issued a $0.1750 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.3%. Mueller Industries’s dividend payout ratio is currently 17.95%.

Mueller Industries Company 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.