Pictet Asset Management Holding SA Sells 393,689 Shares of Mueller Industries, Inc. $MLI

Pictet Asset Management Holding SA reduced its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 23.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,274,875 shares of the industrial products company’s stock after selling 393,689 shares during the quarter. Pictet Asset Management Holding SA owned 0.58% of Mueller Industries worth $77,271,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MLI. Alpine Bank Wealth Management bought a new stake in shares of Mueller Industries in the 3rd quarter valued at about $25,000. Activest Wealth Management increased its stake in Mueller Industries by 80.4% in 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 period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Mueller Industries in the second quarter valued at approximately $29,000. Arlington Trust Co LLC bought a new stake in Mueller Industries in the second quarter valued at approximately $30,000. Finally, Strengthening Families & Communities LLC lifted its position in Mueller Industries by 100.7% in the third quarter. Strengthening Families & Communities LLC now owns 570 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 286 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hansen sold 2,000 shares of Mueller Industries stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $55.40, for a total transaction of $110,800.00. Following the sale, the director directly owned 179,078 shares in the company, valued at $9,920,921.20. The trade was a 1.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Wall Street Zen raised shares of Mueller Industries from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. Freedom Broker lowered their price target on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Finally, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Thursday, July 16th. Three equities research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $75.50.

Mueller Industries Stock Performance

NYSE MLI opened at $54.88 on Tuesday. Mueller Industries, Inc. has a fifty-two week low of $52.00 and a fifty-two week high of $71.12. The stock has a 50 day simple moving average of $59.30 and a two-hundred day simple moving average of $61.92. The stock has a market cap of $11.96 billion, a P/E ratio of 14.07 and a beta of 1.01.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.28 billion. During the same period last year, the firm posted $1.88 earnings per share. Mueller Industries’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 will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be issued a $0.1750 dividend. The ex-dividend date is Friday, December 4th. This represents a $0.70 annualized dividend and a yield of 1.3%. Mueller Industries’s payout ratio is 17.95%.

Mueller Industries Profile

Mueller Industries, Inc manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products.

The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.

Founded in 1917, Mueller Industries is headquartered in Collierville, Tennessee.