154,749 Shares in Mueller Industries, Inc. $MLI Purchased by Legal & General Group Plc

Key Points

• Legal & General Group acquired 154,749 Mueller Industries shares worth approximately $19.0 million, while institutional investors collectively own 94.5% of the company.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and an average price target of $75.00, compared with the stock’s recent opening price of $62.45.
• Mueller Industries exceeded quarterly expectations with $1.13 in EPS and $1.43 billion in revenue, and declared a quarterly dividend of $0.175 per share, equivalent to a 1.1% annual yield.

Legal & General Group Plc acquired a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 154,749 shares of the industrial products company's stock, valued at approximately $19,023,000. Legal & General Group Plc owned about 0.07% of Mueller Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in MLI. BlackRock Inc. bought a new position in Mueller Industries during the second quarter valued at $1,437,555,000. William Blair Investment Management LLC bought a new stake in shares of Mueller Industries in the second quarter valued at $244,156,000. AQR Capital Management LLC lifted its position in shares of Mueller Industries by 181.4% during the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company's stock valued at $261,439,000 after buying an additional 1,666,891 shares during the last quarter. Norges Bank bought a new position in shares of Mueller Industries during the 4th quarter worth $171,281,000. Finally, UBS Group AG grew its stake in shares of Mueller Industries by 837.0% during the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company's stock worth $129,819,000 after acquiring an additional 1,146,919 shares during the period. Institutional investors own 94.50% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MLI. Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 target price for the company in a research note on Thursday, July 16th. 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, Weiss Ratings restated a "buy (b)" rating on shares of Mueller Industries in a research report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $75.00.

Mueller Industries Trading Down 0.6%

Shares of Mueller Industries stock opened at $62.45 on Tuesday. The company's 50-day moving average price is $63.02 and its 200-day moving average price is $62.64. Mueller Industries, Inc. has a 12-month low of $47.11 and a 12-month high of $71.12. The company has a market cap of $13.81 billion, a price-to-earnings ratio of 16.26 and a beta of 1.11.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. Mueller Industries's revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.96 earnings per share.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, September 4th. Mueller Industries's payout ratio is 18.23%.

Insider Activity

In other news, Director John B. Hansen sold 2,444 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the transaction, the director owned 181,328 shares of the company's stock, valued at $12,279,532.16. This represents a 1.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Jay 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 sale, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 275,444 shares of company stock worth $18,885,398 in the last three months. Corporate insiders own 2.30% of the company's stock.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.

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