State of Alaska Department of Revenue trimmed its holdings in Mueller Water Products (NYSE:MWA – Free Report) by 45.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 32,948 shares of the industrial products company’s stock after selling 27,485 shares during the period. State of Alaska Department of Revenue’s holdings in Mueller Water Products were worth $699,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First Trust Advisors LP raised its position in Mueller Water Products by 34.0% in the first quarter. First Trust Advisors LP now owns 6,036,679 shares of the industrial products company’s stock valued at $165,948,000 after purchasing an additional 1,530,193 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Mueller Water Products by 58.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,934,813 shares of the industrial products company’s stock valued at $53,217,000 after purchasing an additional 714,913 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Mueller Water Products during the 2nd quarter worth $28,496,000. Bank of America Corp DE grew its holdings in shares of Mueller Water Products by 30.0% during the 1st quarter. Bank of America Corp DE now owns 888,975 shares of the industrial products company’s stock worth $24,438,000 after purchasing an additional 205,269 shares during the period. Finally, Bessemer Group Inc. grew its holdings in shares of Mueller Water Products by 354.9% during the 1st quarter. Bessemer Group Inc. now owns 588,830 shares of the industrial products company’s stock worth $16,187,000 after purchasing an additional 459,393 shares during the period. Institutional investors and hedge funds own 91.68% of the company’s stock.
Mueller Water Products Stock Up 2.0%
NYSE:MWA opened at $22.31 on Friday. The company has a quick ratio of 3.08, a current ratio of 4.64 and a debt-to-equity ratio of 0.40. The stock’s fifty day moving average is $22.95 and its two-hundred day moving average is $25.08. Mueller Water Products has a 52 week low of $20.90 and a 52 week high of $31.00. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 0.90 and a beta of 1.01.
Mueller Water Products (NYSE:MWA – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The industrial products company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.39 by $0.11. Mueller Water Products had a return on equity of 23.55% and a net margin of 15.02%. The business had revenue of $395.90 million during the quarter, compared to analyst estimates of $391.49 million. During the same period last year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. Research analysts anticipate that Mueller Water Products will post 1.52 EPS for the current year.
Mueller Water Products declared that its board has approved a stock buyback plan on Thursday, October 22nd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy up to 8.8% of its shares through open market purchases. Share repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Mueller Water Products Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Monday, November 9th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, November 9th. This is a positive change from Mueller Water Products’s previous quarterly dividend of $0.07. Mueller Water Products’s dividend payout ratio is currently 19.86%.
Insider Buying and Selling
In other Mueller Water Products news, CEO Paul McAndrew sold 40,000 shares of Mueller Water Products stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $26.39, for a total value of $1,055,600.00. Following the completion of the transaction, the chief executive officer directly owned 42,556 shares of the company’s stock, valued at $1,123,052.84. The trade was a 48.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brian C. Healy bought 1,376 shares of the company’s stock in a transaction on Wednesday, October 7th. The stock was purchased at an average cost of $21.75 per share, with a total value of $29,928.00. Following the completion of the transaction, the director owned 26,322 shares in the company, valued at $572,503.50. This represents a 5.52% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 52,598 shares of company stock valued at $1,360,685. Corporate insiders own 1.10% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently issued reports on MWA shares. The Goldman Sachs Group cut their price objective on Mueller Water Products from $29.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, October 9th. Robert W. Baird set a $35.00 target price on shares of Mueller Water Products in a research report on Friday, August 7th. Barclays assumed coverage on shares of Mueller Water Products in a research note on Tuesday, June 30th. They set an “underweight” rating and a $25.00 target price for the company. Oppenheimer dropped their price target on shares of Mueller Water Products from $32.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, October 14th. Finally, Weiss Ratings cut shares of Mueller Water Products from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, September 16th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $27.00.
Get Our Latest Analysis on Mueller Water Products
About Mueller Water Products
Mueller Water Products, Inc (NYSE:MWA) manufactures products and provides services used in the treatment, transmission, distribution, and measurement of water. Its customers include municipalities, water utilities, distributors, contractors, and industrial organizations.
The company’s product portfolio includes water valves, fire hydrants, pipe fittings, repair and connection products, and related infrastructure equipment. Through its Echologics business, Mueller also provides acoustic leak-detection technologies and other solutions designed to help utilities monitor and manage water distribution systems.
Mueller Water Products traces its history to Mueller Co, which was founded in 1857.
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