Freedom Investment Management Inc. Decreases Position in Mueller Industries, Inc. $MLI

Freedom Investment Management Inc. trimmed its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 3.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,224 shares of the industrial products company’s stock after selling 414 shares during the quarter. Freedom Investment Management Inc.’s holdings in Mueller Industries were worth $971,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MLI. Nuveen LLC purchased a new stake in Mueller Industries during the first quarter worth $54,072,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Mueller Industries during the second quarter worth $54,751,000. AQR Capital Management LLC boosted its position in Mueller Industries by 329.0% during the first quarter. AQR Capital Management LLC now owns 588,428 shares of the industrial products company’s stock worth $43,926,000 after purchasing an additional 451,261 shares in the last quarter. Epoch Investment Partners Inc. boosted its position in Mueller Industries by 222.8% during the first quarter. Epoch Investment Partners Inc. now owns 597,704 shares of the industrial products company’s stock worth $45,509,000 after purchasing an additional 412,564 shares in the last quarter. Finally, TD Asset Management Inc purchased a new stake in Mueller Industries during the first quarter worth $18,114,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total value of $105,710.00. Following the completion of the transaction, the director directly owned 91,664 shares in the company, valued at approximately $9,689,801.44. This represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.70% of the company’s stock.

Mueller Industries Stock Down 1.2%

Shares of NYSE:MLI opened at $102.98 on Friday. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $106.28. The stock’s fifty day simple moving average is $98.35 and its 200-day simple moving average is $85.96. The company has a market capitalization of $11.43 billion, a P/E ratio of 15.37 and a beta of 1.02.

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

Mueller Industries Announces Dividend

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

About Mueller Industries

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.