10,708 Mueller Industries, Inc. $MLI Shares Acquired by Westover Capital Advisors LLC

Westover Capital Advisors LLC grew its holdings in Mueller Industries, Inc. (NYSE:MLI) by 75.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,887 shares of the industrial products company’s stock after acquiring an additional 10,708 shares during the quarter. Westover Capital Advisors LLC’s holdings in Mueller Industries were worth $1,508,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. BlackRock Inc. acquired a new position in Mueller Industries during the 2nd quarter valued at approximately $1,437,555,000. First Trust Advisors LP grew 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 buying an additional 33,248 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Mueller Industries during the second quarter valued at $244,156,000. Pictet Asset Management Holding SA increased its position in shares of Mueller Industries by 136.5% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock valued at $185,561,000 after acquiring an additional 966,840 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Mueller Industries in the 2nd quarter valued at $131,286,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Performance

NYSE MLI opened at $54.48 on Tuesday. The firm has a market capitalization of $11.87 billion, a P/E ratio of 13.97 and a beta of 1.08. The stock has a 50-day simple moving average of $61.07 and a two-hundred day simple moving average of $62.37. Mueller Industries, Inc. has a fifty-two week low of $51.20 and a fifty-two week high of $71.12.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, October 20th. The industrial products company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.08). The company 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 firm’s quarterly revenue was up 31.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.88 EPS.

Mueller Industries Announces Dividend

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

Insiders Place Their Bets

In related news, Director Scott Goldman sold 2,000 shares of the business’s stock in a transaction 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 completion of the transaction, the director directly owned 79,734 shares in the company, valued at $5,109,354.72. The trade was a 2.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gregory L. Christopher sold 200,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. This represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 275,444 shares of company stock worth $18,885,398. Corporate insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MLI shares. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Freedom Broker dropped their price target on Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, July 16th. Finally, Wall Street Zen lowered Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday. Three investment analysts have rated the stock with a Buy rating. According to MarketBeat.com, Mueller Industries presently has an average rating of “Buy” and an average price target of $75.50.

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.