Mueller Industries, Inc. $MLI Stock: Welch Group LLC Increases Position

Welch Group LLC increased its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 105.9% during the 3rd quarter, Holdings Channel reports. The firm owned 45,288 shares of the industrial products company’s stock after purchasing an additional 23,288 shares during the quarter. Welch Group LLC’s holdings in Mueller Industries were worth $2,745,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MLI. Alpine Bank Wealth Management purchased a new position in Mueller Industries in the third quarter valued at about $25,000. Activest Wealth Management increased its stake in shares of Mueller Industries by 80.4% during the 3rd quarter. Activest Wealth Management now owns 424 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 189 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Mueller Industries during the 2nd quarter worth approximately $29,000. Arlington Trust Co LLC bought a new stake in shares of Mueller Industries in the 2nd quarter worth approximately $30,000. Finally, NBT Bank N A NY raised its holdings 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 worth $32,000 after purchasing an additional 171 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insiders Place Their Bets

In other Mueller Industries news, Director John Hansen sold 2,444 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $67.72, for a total value of $165,507.68. Following the completion of the sale, the director owned 181,328 shares in the company, valued at approximately $12,279,532.16. The trade was a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the 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 sale, the director directly owned 79,734 shares of the company’s stock, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 275,444 shares of company stock valued at $18,885,398 in the last ninety days. Company insiders own 2.30% of the company’s stock.

Mueller Industries Stock Down 0.1%

NYSE MLI opened at $54.49 on Monday. The company has a 50-day simple moving average of $60.36 and a two-hundred day simple moving average of $62.25. Mueller Industries, Inc. has a 12-month low of $52.00 and a 12-month high of $71.12. The firm has a market cap of $11.88 billion, a price-to-earnings ratio of 13.97 and a beta of 1.01.

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

Mueller Industries Announces Dividend

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

Analyst Upgrades and Downgrades

MLI has been the topic of a number of recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Wall Street Zen upgraded Mueller Industries from a “hold” rating to a “buy” rating in a research report on Sunday. Freedom Broker lowered their price target on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Finally, Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 16th. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $75.50.

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.