Sierra Summit Advisors LLC Takes $990,000 Position in Mueller Industries, Inc. $MLI

Sierra Summit Advisors LLC bought a new stake in Mueller Industries, Inc. (NYSE:MLI) during the fourth quarter, HoldingsChannel.com reports. The fund bought 8,627 shares of the industrial products company’s stock, valued at approximately $990,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Activest Wealth Management purchased a new stake in Mueller Industries during the 4th quarter worth $27,000. JFS Wealth Advisors LLC increased its stake in Mueller Industries by 121.1% during the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock worth $25,000 after buying an additional 138 shares during the period. Cary Street Partners Investment Advisory LLC increased its stake in Mueller Industries by 228.7% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock worth $31,000 after buying an additional 215 shares during the period. Root Financial Partners LLC purchased a new stake in Mueller Industries during the 3rd quarter worth $38,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in Mueller Industries during the 3rd quarter worth $46,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MLI shares. Wall Street Zen raised shares of Mueller Industries from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries presently has an average rating of “Buy”.

Insider Buying and Selling at Mueller Industries

In other news, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $137.29, for a total value of $14,177,389.14. Following the completion of the sale, the chief executive officer directly owned 804,911 shares of the company’s stock, valued at approximately $110,506,231.19. This represents a 11.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Mueller Industries Trading Up 1.7%

Shares of NYSE:MLI opened at $134.13 on Thursday. The company has a 50 day moving average of $122.98 and a 200-day moving average of $119.38. The firm has a market cap of $14.83 billion, a P/E ratio of 17.56 and a beta of 1.13. Mueller Industries, Inc. has a twelve month low of $72.16 and a twelve month high of $141.51.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.67. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.39 EPS.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, June 5th. Mueller Industries’s dividend payout ratio is currently 18.32%.

Mueller Industries 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.