Tidal Investments LLC Has $53.69 Million Stake in Mueller Industries, Inc. $MLI

Tidal Investments LLC raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 106.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 436,778 shares of the industrial products company’s stock after buying an additional 225,366 shares during the period. Tidal Investments LLC owned 0.20% of Mueller Industries worth $53,693,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC raised its stake in shares of Mueller Industries by 60.3% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,342 shares of the industrial products company’s stock valued at $11,106,000 after acquiring an additional 33,981 shares in the last quarter. MUFG Securities EMEA plc bought a new stake in Mueller Industries during the fourth quarter worth approximately $15,268,000. The Manufacturers Life Insurance Company acquired a new position in Mueller Industries during the second quarter valued at approximately $9,645,000. Legal & General Group Plc bought a new position in shares of Mueller Industries in the second quarter valued at approximately $19,023,000. Finally, Barlow Wealth Partners LLC lifted its stake in shares of Mueller Industries by 82.9% in the second quarter. Barlow Wealth Partners LLC now owns 463,736 shares of the industrial products company’s stock worth $57,007,000 after buying an additional 210,169 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Trading Up 0.3%

Shares of Mueller Industries stock opened at $63.75 on Thursday. Mueller Industries, Inc. has a 1 year low of $47.63 and a 1 year high of $71.12. The company’s fifty day simple moving average is $62.92 and its 200-day simple moving average is $62.81. The company has a market cap of $14.10 billion, a price-to-earnings ratio of 16.60 and a beta of 1.10.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the company earned $1.96 EPS. The business’s quarterly revenue was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a yield of 1.1%. Mueller Industries’s dividend payout ratio (DPR) is 18.23%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Finally, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $75.00.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the sale, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Hansen sold 2,444 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the sale, the director owned 181,328 shares in the company, valued at approximately $12,279,532.16. This represents a 1.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 275,444 shares of company stock valued at $18,885,398 in the last quarter. Corporate insiders own 2.30% of the company’s stock.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.