Oakmont Investment Advisors Inc. Invests $1.58 Million in Mueller Industries, Inc. $MLI

Oakmont Investment Advisors Inc. bought a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 12,863 shares of the industrial products company’s stock, valued at approximately $1,581,000. Mueller Industries accounts for approximately 1.1% of Oakmont Investment Advisors Inc.’s portfolio, making the stock its 24th largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of MLI. BlackRock Inc. acquired a new stake in Mueller Industries in the second quarter worth $1,437,555,000. William Blair Investment Management LLC bought a new position in shares of Mueller Industries during the 2nd quarter worth about $244,156,000. AQR Capital Management LLC grew its stake in shares of Mueller Industries by 181.4% in the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock valued at $261,439,000 after buying an additional 1,666,891 shares during the period. Norges Bank bought a new stake in Mueller Industries in the 4th quarter valued at about $171,281,000. Finally, UBS Group AG raised its stake in Mueller Industries by 837.0% during the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock worth $129,819,000 after buying an additional 1,146,919 shares during the period. 94.50% of the stock is owned by institutional investors.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the transaction, the director owned 79,734 shares of the company’s stock, valued at $5,109,354.72. This trade represents a 2.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hansen sold 2,444 shares of the company’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 value of $165,507.68. Following the completion of the transaction, the director directly owned 181,328 shares of the company’s stock, valued at approximately $12,279,532.16. This represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 275,444 shares of company stock valued at $18,885,398 over the last ninety days. Corporate insiders own 2.30% of the company’s stock.

Mueller Industries Stock Up 1.3%

MLI stock opened at $63.76 on Friday. The stock’s 50 day moving average is $62.70 and its 200-day moving average is $62.69. Mueller Industries, Inc. has a twelve month low of $47.44 and a twelve month high of $71.12. The firm has a market capitalization of $14.10 billion, a PE ratio of 16.60 and a beta of 1.10.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The business’s revenue was up 25.5% on a year-over-year basis. During the same period last year, the business earned $1.96 EPS.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries’s dividend payout ratio (DPR) is presently 18.23%.

Analysts Set New Price Targets

A number of brokerages have commented on MLI. 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 research note on Thursday, July 16th. Wall Street Zen cut Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $75.00.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.