Perpetual Ltd Raises Position in Mueller Industries, Inc. $MLI

Perpetual Ltd lifted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 4.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 171,192 shares of the industrial products company’s stock after purchasing an additional 6,831 shares during the quarter. Perpetual Ltd owned about 0.15% of Mueller Industries worth $17,309,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC boosted its stake in Mueller Industries by 1.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock worth $184,890,000 after buying an additional 42,599 shares during the last quarter. LSV Asset Management boosted its position in shares of Mueller Industries by 0.9% in the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock worth $153,649,000 after acquiring an additional 16,757 shares during the last quarter. Norges Bank purchased a new stake in Mueller Industries in the second quarter valued at approximately $127,287,000. Caisse DE Depot ET Placement DU Quebec increased its position in Mueller Industries by 15.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company’s stock worth $93,259,000 after purchasing an additional 166,012 shares during the last quarter. Finally, Systematic Financial Management LP raised its stake in Mueller Industries by 1.0% during the first quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company’s stock worth $72,875,000 after purchasing an additional 9,463 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $103.42, for a total transaction of $5,171,000.00. Following the sale, the chief executive officer directly owned 1,069,241 shares in the company, valued at approximately $110,580,904.22. This trade represents a 4.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the completion of the transaction, the director owned 41,745 shares of the company’s stock, valued at approximately $4,535,176.80. This represents a 9.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 355,234 shares of company stock worth $36,944,652. 2.70% of the stock is currently owned by corporate insiders.

Mueller Industries Stock Up 2.4%

Shares of MLI stock opened at $115.49 on Friday. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $115.85. The firm’s 50 day moving average price is $107.58 and its two-hundred day moving average price is $95.57. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of 17.24 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $942.00 million. During the same period in the prior year, the business posted $1.48 EPS. The business’s revenue was up 8.0% on a year-over-year basis.

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. Mueller Industries’s dividend payout ratio is presently 14.93%.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Mueller Industries has an average rating of “Buy”.

About Mueller Industries

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.