Prudential Financial Inc. Boosts Stake in Mueller Industries, Inc. $MLI

Prudential Financial Inc. grew its stake in Mueller Industries, Inc. (NYSE:MLI) by 27.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,141 shares of the industrial products company’s stock after acquiring an additional 8,091 shares during the quarter. Prudential Financial Inc.’s holdings in Mueller Industries were worth $3,251,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Brooklyn Investment Group boosted its position in Mueller Industries by 267.3% during the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 278 shares in the last quarter. Rise Advisors LLC bought a new position in Mueller Industries in the first quarter worth about $30,000. Maseco LLP purchased a new stake in shares of Mueller Industries during the second quarter valued at about $40,000. Dagco Inc. bought a new stake in shares of Mueller Industries in the 1st quarter valued at about $77,000. Finally, TD Waterhouse Canada Inc. boosted its holdings in shares of Mueller Industries by 26.6% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 1,744 shares of the industrial products company’s stock valued at $143,000 after buying an additional 366 shares in the last quarter. 94.50% of the stock is owned by institutional investors.

Insider Activity at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total value of $105,710.00. Following the completion of the transaction, the director directly owned 91,664 shares in the company, valued at $9,689,801.44. This trade represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Scott Jay Goldman sold 4,234 shares of Mueller Industries stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the sale, the director directly owned 41,745 shares of the company’s stock, valued at $4,535,176.80. This trade represents a 9.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 355,234 shares of company stock valued at $36,944,652 in the last ninety days. Company insiders own 2.70% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI stock opened at $110.63 on Wednesday. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $111.85. The firm has a market capitalization of $12.28 billion, a price-to-earnings ratio of 16.51 and a beta of 1.04. The stock’s 50-day simple moving average is $104.13 and its 200-day simple moving average is $92.55.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $942.00 million. During the same quarter last year, the business earned $1.48 earnings per share. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, December 5th. Mueller Industries’s dividend payout ratio is presently 14.93%.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries currently has a consensus rating of “Buy” and an average target price of $105.00.

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.