Securian Asset Management Inc. Decreases Stake in Mueller Industries, Inc. $MLI

Securian Asset Management Inc. reduced its holdings in Mueller Industries, Inc. (NYSE:MLI) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,426 shares of the industrial products company’s stock after selling 172 shares during the period. Securian Asset Management Inc.’s holdings in Mueller Industries were worth $670,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MLI. Golden State Wealth Management LLC lifted its stake in shares of Mueller Industries by 103.1% in the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company’s stock worth $25,000 after buying an additional 168 shares in the last quarter. Brooklyn Investment Group lifted its stake in shares of Mueller Industries by 267.3% in the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock worth $29,000 after buying an additional 278 shares in the last quarter. Rise Advisors LLC purchased a new position in shares of Mueller Industries in the first quarter worth about $30,000. Wayfinding Financial LLC purchased a new position in Mueller Industries during the first quarter worth about $34,000. Finally, Maseco LLP purchased a new position in Mueller Industries during the second quarter worth about $40,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total value of $105,710.00. Following the sale, the director directly owned 91,664 shares of the company’s stock, valued at approximately $9,689,801.44. The trade was a 1.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.70% of the company’s stock.

Mueller Industries Price Performance

Shares of MLI stock opened at $102.98 on Friday. The firm’s 50-day moving average is $98.35 and its two-hundred day moving average is $85.96. The company has a market capitalization of $11.43 billion, a PE ratio of 15.37 and a beta of 1.02. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $106.28.

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

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, September 5th. Mueller Industries’s payout ratio is 14.93%.

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.