Fortress Financial Solutions LLC Makes New Investment in Mueller Industries, Inc. $MLI

Fortress Financial Solutions LLC acquired a new stake in Mueller Industries, Inc. (NYSE:MLI) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,515 shares of the industrial products company’s stock, valued at approximately $577,000.

Several other hedge funds also recently made changes to their positions in MLI. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Mueller Industries during the second quarter worth about $29,000. Arlington Trust Co LLC acquired a new stake in shares of Mueller Industries in the 2nd quarter valued at about $30,000. NBT Bank N A NY boosted its position in shares of Mueller Industries by 148.7% in the 1st 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 period. Western Pacific Wealth Management LP acquired a new stake in shares of Mueller Industries in the 1st quarter valued at about $34,000. Finally, SJS Investment Consulting Inc. grew its stake in Mueller Industries by 28.4% during the 1st quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock worth $41,000 after buying an additional 82 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Price Performance

Shares of MLI stock traded down $0.81 during mid-day trading on Wednesday, hitting $60.70. The stock had a trading volume of 1,191,194 shares, compared to its average volume of 1,514,363. Mueller Industries, Inc. has a fifty-two week low of $48.79 and a fifty-two week high of $71.12. The firm has a market cap of $13.43 billion, a PE ratio of 15.81 and a beta of 1.08. The company’s 50-day simple moving average is $62.88 and its 200-day simple moving average is $63.41.

Mueller Industries (NYSE:MLI) last issued its earnings results 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. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the firm earned $1.96 earnings per share. The business’s quarterly revenue was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were issued a dividend of $0.1750 per share. This represents a $0.70 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries’s dividend payout ratio is currently 18.23%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock 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 research note on Saturday, July 25th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Two research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $75.00.

Insider Activity at Mueller Industries

In related news, CEO Gregory Christopher sold 200,000 shares of the firm’s 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 completion of the sale, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $128,160.00. Following the completion of the sale, the director directly owned 79,734 shares in the company, valued at $5,109,354.72. This represents a 2.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 275,444 shares of company stock worth $18,885,398 over the last 90 days. Company insiders own 2.30% of the company’s stock.

Mueller Industries Profile

Mueller Industries, Inc manufactures and distributes products made from copper, brass, aluminum, steel and plastic. Its product portfolio includes copper and plastic pipe, fittings, valves, plumbing components, refrigeration and air-conditioning tubing, heat-transfer products, and other fabricated metal products.

The company serves residential, commercial, industrial and infrastructure markets. Its products are used in plumbing, heating, ventilation and air-conditioning systems, refrigeration, fire protection, water distribution, and various industrial applications.