Engineers Gate Manager LP raised its holdings in Mueller Industries, Inc. (NYSE:MLI – Free Report) by 169.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 35,950 shares of the industrial products company’s stock after buying an additional 22,590 shares during the quarter. Engineers Gate Manager LP’s holdings in Mueller Industries were worth $4,419,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its holdings in shares of Mueller Industries by 11,988.1% during the second quarter. California State Teachers Retirement System now owns 15,014,547 shares of the industrial products company’s stock worth $1,845,738,000 after buying an additional 14,890,338 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Mueller Industries in the second quarter worth $1,437,555,000. William Blair Investment Management LLC acquired a new stake in shares of Mueller Industries in the second quarter worth $244,156,000. AQR Capital Management LLC increased its position in Mueller Industries by 181.4% during the third quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock worth $261,439,000 after acquiring an additional 1,666,891 shares during the period. Finally, Norges Bank bought a new position in Mueller Industries during the fourth quarter worth $171,281,000. 94.50% of the stock is owned by institutional investors.
Mueller Industries Stock Performance
NYSE:MLI opened at $60.55 on Friday. The company has a 50-day moving average of $63.07 and a 200-day moving average of $62.79. Mueller Industries, Inc. has a 52 week low of $48.26 and a 52 week high of $71.12. The company has a market capitalization of $13.39 billion, a price-to-earnings ratio of 15.77 and a beta of 1.10.
Mueller Industries (NYSE:MLI – Get Free Report) last posted its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the firm posted $1.96 earnings per share. The firm’s revenue for the quarter was up 25.5% on a year-over-year basis.
Mueller Industries Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, September 4th. Mueller Industries’s dividend payout ratio is currently 18.23%.
Insider Transactions at Mueller Industries
In related news, Director John B. Hansen sold 2,444 shares of the business’s stock in a transaction 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 owned 181,328 shares of the company’s stock, valued at $12,279,532.16. The trade was a 1.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gregory L. Christopher sold 200,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total value of $13,688,000.00. Following the completion of the sale, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 275,444 shares of company stock valued at $18,885,398. Corporate insiders own 2.30% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on MLI. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a report on Thursday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Finally, Wall Street Zen lowered shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $75.00.
Check Out Our Latest Research Report on MLI
Mueller Industries Company Profile
Mueller Industries, Inc is a manufacturer of copper, brass, aluminum, steel and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, construction and industrial applications. The company serves wholesale distributors, original equipment manufacturers and other industrial customers.
Its product portfolio includes copper tube and fittings, brass rod and forgings, valves, plumbing components, plastic pipe and fittings, aluminum extrusions, refrigeration components and other engineered metal products.
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