Mueller Industries, Inc. $MLI Stock: Inspire Investing LLC Grows Position

Inspire Investing LLC raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 97.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 94,413 shares of the industrial products company’s stock after purchasing an additional 46,531 shares during the period. Inspire Investing LLC’s holdings in Mueller Industries were worth $5,722,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Alpine Bank Wealth Management acquired a new position in shares of Mueller Industries in the third quarter worth $25,000. Activest Wealth Management raised its holdings in shares of Mueller Industries by 80.4% during the third quarter. Activest Wealth Management now owns 424 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 189 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Mueller Industries during the second quarter worth $29,000. Arlington Trust Co LLC purchased a new stake in shares of Mueller Industries during the second quarter worth $30,000. Finally, NBT Bank N A NY boosted its position in Mueller Industries by 148.7% during the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 171 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on MLI shares. Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, July 16th. Wall Street Zen lowered Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday. Freedom Broker cut their price target on Mueller Industries from $80.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Three research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $75.50.

Mueller Industries Stock Down 0.7%

Shares of MLI opened at $54.13 on Friday. The company’s fifty day moving average is $61.26 and its 200-day moving average is $63.52. Mueller Industries, Inc. has a 12 month low of $51.20 and a 12 month high of $71.12. The firm has a market cap of $11.80 billion, a price-to-earnings ratio of 13.88 and a beta of 1.08.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.08). Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the business posted $1.88 EPS. The firm’s revenue for the quarter was up 31.6% compared to the same quarter last year.

Mueller Industries Announces Dividend

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

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Goldman sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the sale, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. This represents a 2.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gregory L. Christopher sold 200,000 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total value of $13,688,000.00. Following the transaction, the chief executive officer directly owned 1,598,850 shares in the company, valued at approximately $109,425,294. This represents a 11.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 275,444 shares of company stock worth $18,885,398 over the last three months. Corporate insiders own 2.30% of the company’s stock.

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.