19,525 Shares of Mueller Industries, Inc. $MLI Acquired by B. Riley Wealth Advisors Inc.

Key Points

• B. Riley Wealth Advisors acquired 19,525 shares of Mueller Industries during the third quarter, valued at approximately $1.18 million. Institutional investors collectively own 94.5% of the company.
• Analyst sentiment remains positive: Mueller Industries has an average “Buy” rating and a consensus price target of $75, compared with a share price of $60.57.
• Mueller Industries exceeded quarterly expectations with EPS of $1.13 versus the $1.09 consensus and revenue of $1.43 billion. The company also paid a $0.175 quarterly dividend, while insiders sold roughly 275,444 shares worth $18.9 million during the quarter.

B. Riley Wealth Advisors Inc. bought a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 19,525 shares of the industrial products company's stock, valued at approximately $1,183,000.

A number of other hedge funds also recently bought and sold shares of MLI. SJS Investment Consulting Inc. lifted its holdings in shares of Mueller Industries by 28.4% in the 1st quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company's stock valued at $41,000 after acquiring an additional 82 shares during the last quarter. Root Financial Partners LLC increased its stake in Mueller Industries by 19.6% during the first quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company's stock worth $57,000 after acquiring an additional 84 shares during the last quarter. Jackson Thornton Wealth Management LLC increased its stake in Mueller Industries by 2.3% during the first quarter. Jackson Thornton Wealth Management LLC now owns 4,431 shares of the industrial products company's stock worth $537,000 after acquiring an additional 101 shares during the last quarter. NBT Bank N A NY raised its position in Mueller Industries by 148.7% during 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. Finally, Fifth Third Wealth Advisors LLC raised its position in Mueller Industries by 3.8% during the first quarter. Fifth Third Wealth Advisors LLC now owns 4,727 shares of the industrial products company's stock valued at $524,000 after purchasing an additional 174 shares during the period. Hedge funds and other institutional investors own 94.50% of the company's stock.

Analyst Upgrades and Downgrades

MLI has been the subject of several analyst reports. Wall Street Zen lowered Mueller Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 25th. Northcoast Research raised 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. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research report on Friday, July 17th. Two analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Mueller Industries currently has an average rating of "Buy" and a consensus target price of $75.00.

Mueller Industries Price Performance

Mueller Industries stock opened at $60.57 on Friday. Mueller Industries, Inc. has a 1-year low of $48.79 and a 1-year high of $71.12. The firm has a market capitalization of $13.40 billion, a P/E ratio of 15.77 and a beta of 1.08. The company's 50-day moving average is $62.53 and its 200 day moving average is $63.49.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The firm's quarterly revenue was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.96 earnings per share.

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.1750 dividend. This represents a $0.70 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries's payout ratio is 18.23%.

Insider Activity

In other Mueller Industries news, CEO Gregory L. Christopher sold 200,000 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the transaction, the chief executive officer directly owned 1,598,850 shares in the company, valued at $109,425,294. This trade represents a 11.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total value of $68,130.00. Following the sale, the director directly owned 29,000 shares of the company's stock, valued at approximately $1,975,770. This trade represents a 3.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 275,444 shares of company stock valued at $18,885,398. Corporate insiders own 2.30% of the company's stock.

About Mueller Industries

Mueller Industries, Inc manufactures and distributes products made from copper, brass, aluminum, steel and plastic. Its product portfolio includes copper and plastic pipe, fittings, valves, plumbing components, refrigeration and air-conditioning tubing, heat-transfer products, and other fabricated metal products.

The company serves residential, commercial, industrial and infrastructure markets. Its products are used in plumbing, heating, ventilation and air-conditioning systems, refrigeration, fire protection, water distribution, and various industrial applications.

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