Mueller Industries, Inc. $MLI Stock: State of Alaska Department of Revenue Grows Position

State of Alaska Department of Revenue grew its holdings in Mueller Industries, Inc. (NYSE:MLI) by 97.3% during the third quarter, HoldingsChannel reports. The fund owned 51,373 shares of the industrial products company’s stock after purchasing an additional 25,329 shares during the period. State of Alaska Department of Revenue’s holdings in Mueller Industries were worth $3,112,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. SJS Investment Consulting Inc. boosted its holdings in Mueller Industries by 28.4% in the first quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 82 shares in the last quarter. Root Financial Partners LLC increased its stake in Mueller Industries by 19.6% in the first quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company’s stock valued at $57,000 after purchasing an additional 84 shares during the last quarter. Jackson Thornton Wealth Management LLC increased its stake in Mueller Industries by 2.3% in the first quarter. Jackson Thornton Wealth Management LLC now owns 4,431 shares of the industrial products company’s stock valued at $537,000 after purchasing an additional 101 shares during the last quarter. NBT Bank N A NY increased its stake in Mueller Industries by 148.7% in 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. Finally, Fifth Third Wealth Advisors LLC increased its stake in Mueller Industries by 3.8% in the first quarter. Fifth Third Wealth Advisors LLC now owns 4,727 shares of the industrial products company’s stock valued at $524,000 after purchasing an additional 174 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MLI. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday. Finally, Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Two research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $75.00.

Insider Activity at Mueller Industries

In related news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was 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 in the company, 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 SEC, which is available through the SEC website. Also, CEO Gregory L. Christopher sold 200,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 11th. The stock was 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 trade represents a 11.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 275,444 shares of company stock valued at $18,885,398 in the last three months. 2.30% of the stock is currently owned by company insiders.

Mueller Industries Price Performance

NYSE MLI opened at $60.13 on Friday. The company has a fifty day moving average of $62.35 and a two-hundred day moving average of $63.47. The company has a market capitalization of $13.30 billion, a PE ratio of 15.66 and a beta of 1.08. Mueller Industries, Inc. has a 1 year low of $48.79 and a 1 year high of $71.12.

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

Mueller Industries Dividend Announcement

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

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.