State of Alaska Department of Revenue raised its holdings in Mueller Industries, Inc. (NYSE:MLI) by 125.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,531 shares of the industrial products company’s stock after acquiring an additional 24,257 shares during the period. State of Alaska Department of Revenue owned approximately 0.08% of Mueller Industries worth $1,248,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in MLI. Geode Capital Management LLC raised its holdings in shares of Mueller Industries by 8.0% in the 4th quarter. Geode Capital Management LLC now owns 606,533 shares of the industrial products company’s stock valued at $14,168,000 after acquiring an additional 45,128 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Mueller Industries by 2.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 75,990 shares of the industrial products company’s stock valued at $2,382,000 after buying an additional 1,944 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Mueller Industries during the 1st quarter valued at about $321,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Mueller Industries during the 2nd quarter valued at about $268,000. Finally, Uncommon Cents Investing LLC raised its holdings in shares of Mueller Industries by 2.7% during the 2nd quarter. Uncommon Cents Investing LLC now owns 40,935 shares of the industrial products company’s stock valued at $1,198,000 after buying an additional 1,075 shares in the last quarter. 91.71% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE MLI opened at $28.11 on Friday. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 15.11 and a beta of 1.39. The company has a current ratio of 3.24, a quick ratio of 1.91 and a debt-to-equity ratio of 0.83. Mueller Industries, Inc. has a 1-year low of $21.49 and a 1-year high of $34.24. The stock’s 50-day moving average is $27.58 and its 200 day moving average is $28.66.
Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, July 23rd. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.07. Mueller Industries had a return on equity of 19.00% and a net margin of 3.66%. The business had revenue of $666.93 million for the quarter. During the same quarter in the previous year, the business earned $0.58 earnings per share. Mueller Industries’s revenue was up .6% compared to the same quarter last year. On average, analysts forecast that Mueller Industries, Inc. will post 1.52 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $0.40 annualized dividend and a yield of 1.42%. Mueller Industries’s payout ratio is 21.51%.
In related news, Director Paul J. Flaherty sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $30.41, for a total transaction of $304,100.00. Following the transaction, the director now directly owns 15,073 shares in the company, valued at approximately $458,369.93. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Gennaro J. Fulvio sold 10,383 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $26.62, for a total value of $276,395.46. Following the transaction, the director now owns 2,000 shares in the company, valued at $53,240. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,196 shares of company stock worth $760,755. 3.30% of the stock is owned by corporate insiders.
A number of brokerages recently weighed in on MLI. ValuEngine cut Mueller Industries from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. TheStreet cut Mueller Industries from a “b-” rating to a “c+” rating in a report on Wednesday, September 4th. Finally, Zacks Investment Research cut Mueller Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 25th.
About Mueller Industries
Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of domestic piping systems group, Canadian operations, European operations, trading group, Jiangsu Mueller-Xingrong Copper Industries Limited, and Jungwoo Metal Ind.
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