Mueller Industries, Inc. $MLI Shares Purchased by Perpetual Ltd

Perpetual Ltd raised its stake in Mueller Industries, Inc. (NYSE:MLI) by 97.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 532,891 shares of the industrial products company’s stock after buying an additional 262,776 shares during the quarter. Perpetual Ltd’s holdings in Mueller Industries were worth $32,299,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. SJS Investment Consulting Inc. grew its position in shares of Mueller Industries by 28.4% during the first quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 82 shares during the last quarter. Root Financial Partners LLC increased its holdings in shares of Mueller Industries by 19.6% in the 1st quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company’s stock worth $57,000 after acquiring an additional 84 shares during the period. Jackson Thornton Wealth Management LLC lifted its position in Mueller Industries by 2.3% in the 1st quarter. Jackson Thornton Wealth Management LLC now owns 4,431 shares of the industrial products company’s stock valued at $537,000 after purchasing an additional 101 shares during the last quarter. NBT Bank N A NY lifted its position in Mueller Industries by 148.7% in the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 171 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its position in Mueller Industries by 3.8% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,727 shares of the industrial products company’s stock valued at $524,000 after purchasing an additional 174 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Activity

In related news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred on 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 trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $67.72, for a total value of $165,507.68. Following the sale, the director directly owned 181,328 shares in the company, valued at approximately $12,279,532.16. The trade was a 1.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 275,444 shares of company stock worth $18,885,398 over the last three months. Corporate insiders own 2.30% of the company’s stock.

Mueller Industries Stock Up 0.2%

Shares of MLI opened at $60.84 on Tuesday. The firm has a 50-day moving average price of $63.01 and a 200 day moving average price of $63.37. The firm has a market capitalization of $13.46 billion, a PE ratio of 15.84 and a beta of 1.08. Mueller Industries, Inc. has a 52-week low of $48.44 and a 52-week high of $71.12.

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 for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the company earned $1.96 EPS. Mueller Industries’s quarterly revenue was up 25.5% on a year-over-year basis.

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were issued a $0.1750 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.2%. Mueller Industries’s dividend payout ratio (DPR) is 18.23%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Wall Street Zen lowered shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Finally, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Thursday, July 16th. Two investment analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Mueller Industries has a consensus rating of “Buy” and an average target price of $75.00.

Mueller Industries Profile

Mueller Industries, Inc manufactures and distributes products made from copper, brass, aluminum, steel and plastic. Its product portfolio includes copper and plastic pipe, fittings, valves, plumbing components, refrigeration and air-conditioning tubing, heat-transfer products, and other fabricated metal products.

The company serves residential, commercial, industrial and infrastructure markets. Its products are used in plumbing, heating, ventilation and air-conditioning systems, refrigeration, fire protection, water distribution, and various industrial applications.