Soltis Investment Advisors LLC boosted its position in Mueller Industries, Inc. (NYSE:MLI – Free Report) by 375.5% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 14,178 shares of the industrial products company’s stock after acquiring an additional 11,196 shares during the period. Soltis Investment Advisors LLC’s holdings in Mueller Industries were worth $859,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in MLI. Alpine Bank Wealth Management bought a new position in Mueller Industries during the third quarter worth about $25,000. Activest Wealth Management increased its stake in shares of Mueller Industries by 80.4% in the third quarter. Activest Wealth Management now owns 424 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 189 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Mueller Industries in the second quarter valued at approximately $29,000. Arlington Trust Co LLC bought a new stake in shares of Mueller Industries in the second quarter valued at approximately $30,000. Finally, NBT Bank N A NY raised its position in shares of Mueller Industries by 148.7% in the first 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 period. 94.50% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
MLI has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Mueller Industries from a “hold” rating to a “buy” rating in a research note on Sunday. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Freedom Broker lowered their target price on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Finally, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, July 16th. Three analysts have rated the stock with a Buy rating. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $75.50.
Get Our Latest Stock Analysis on Mueller Industries
Insider Activity at Mueller Industries
In other Mueller Industries news, CEO Gregory L. Christopher sold 200,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 1,598,850 shares in the company, valued at $109,425,294. This represents a 11.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director directly owned 79,734 shares of the company’s stock, valued at approximately $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 275,444 shares of company stock valued at $18,885,398. Corporate insiders own 2.30% of the company’s stock.
Mueller Industries Stock Down 2.3%
MLI stock opened at $54.49 on Friday. The firm has a market capitalization of $11.88 billion, a PE ratio of 13.97 and a beta of 1.08. Mueller Industries, Inc. has a twelve month low of $52.00 and a twelve month high of $71.12. The stock has a 50-day simple moving average of $60.36 and a two-hundred day simple moving average of $62.25.
Mueller Industries (NYSE:MLI – Get Free Report) last announced its quarterly earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.08). Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the company earned $1.88 earnings per share. The company’s quarterly revenue was up 31.6% on a year-over-year basis.
Mueller Industries Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a dividend of $0.1750 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.70 annualized dividend and a yield of 1.3%. Mueller Industries’s payout ratio is currently 17.95%.
Mueller Industries Company Profile
Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.
The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.
Read More
- Five stocks we like better than Mueller Industries
- Starbucks Says Its Turnaround Is Done—The Numbers Make a Strong Case (With 1 Catch)
- 3 Robotics ETFs, 3 Different Ways to Bet on Humanoid Robots
- Can Microsoft Turn a Leaner Workforce and Record AI Spending Into Bigger Profits?
- Why JFrog Could Be the Software Infrastructure Company to Beat in the AI Boom
Want to see what other hedge funds are holding MLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mueller Industries, Inc. (NYSE:MLI – Free Report).
Receive News & Ratings for Mueller Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mueller Industries and related companies with MarketBeat.com's FREE daily email newsletter.
