Ritholtz Wealth Management Buys 82,900 Shares of Mueller Industries, Inc. $MLI

Ritholtz Wealth Management grew its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 89.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 175,970 shares of the industrial products company’s stock after acquiring an additional 82,900 shares during the period. Ritholtz Wealth Management owned about 0.08% of Mueller Industries worth $10,666,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Mueller Industries in the 2nd quarter worth about $1,437,555,000. William Blair Investment Management LLC purchased a new position in shares of Mueller Industries during the second quarter valued at approximately $244,156,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Mueller Industries by 97.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,363,538 shares of the industrial products company’s stock valued at $206,252,000 after purchasing an additional 1,659,240 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Mueller Industries in the 2nd quarter worth approximately $131,286,000. Finally, Jupiter Topco LLC bought a new stake in shares of Mueller Industries in the 2nd quarter worth approximately $95,120,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MLI shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, October 15th. Freedom Broker dropped their target price on Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, July 16th. Finally, Wall Street Zen raised Mueller Industries from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. Three analysts have rated the stock with a Buy rating. According to MarketBeat.com, Mueller Industries has an average rating of “Buy” and a consensus price target of $75.50.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John Hansen sold 2,000 shares of the company’s 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 transaction, the director owned 179,078 shares in the company, valued at approximately $9,920,921.20. This represents a 1.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were 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 represents a 2.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is currently owned by insiders.

Mueller Industries Trading Up 0.2%

Shares of MLI opened at $55.10 on Thursday. The business’s fifty day simple moving average is $59.04 and its two-hundred day simple moving average is $61.81. Mueller Industries, Inc. has a 12 month low of $52.00 and a 12 month high of $71.12. The company has a market cap of $12.01 billion, a price-to-earnings ratio of 14.13 and a beta of 1.01.

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

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be given a $0.1750 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $0.70 dividend on an annualized basis 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.