24,764 Mueller Industries, Inc. $MLI Shares Acquired by North Dakota State Investment Board

Key Points

• North Dakota State Investment Board increased its Mueller Industries stake by 767.9% in the third quarter, acquiring 24,764 shares and bringing its holdings to 27,989 shares valued at approximately $1.7 million. Institutional investors and hedge funds collectively own 94.5% of the company.
• Mueller Industries reported third-quarter revenue of $1.42 billion, up 31.6% year over year and above estimates, but adjusted earnings of $1.00 per share missed the $1.08 consensus. The stock recently traded at $54.49, near its 52-week low.
• Analysts maintain a consensus “Buy” rating with an average price target of $75.50, while the company continues paying a quarterly dividend of $0.175 per share. Company insiders sold 275,444 shares worth roughly $18.9 million over the past 90 days.

North Dakota State Investment Board increased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 767.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,989 shares of the industrial products company's stock after acquiring an additional 24,764 shares during the period. North Dakota State Investment Board's holdings in Mueller Industries were worth $1,696,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MLI. VestGen Advisors LLC grew its holdings in shares of Mueller Industries by 161.8% during the third quarter. VestGen Advisors LLC now owns 5,593 shares of the industrial products company's stock worth $339,000 after purchasing an additional 3,457 shares during the last quarter. Latitude Advisors LLC bought a new position in shares of Mueller Industries in the third quarter valued at about $48,000. Oppenheimer & Co. Inc. raised its holdings in shares of Mueller Industries by 100.1% in the third quarter. Oppenheimer & Co. Inc. now owns 16,580 shares of the industrial products company's stock valued at $1,005,000 after buying an additional 8,295 shares during the last quarter. Park Avenue Securities LLC lifted its position in Mueller Industries by 96.0% during the 3rd quarter. Park Avenue Securities LLC now owns 11,978 shares of the industrial products company's stock worth $726,000 after buying an additional 5,867 shares in the last quarter. Finally, Verdence Capital Advisors LLC lifted its position in Mueller Industries by 101.4% during the 3rd quarter. Verdence Capital Advisors LLC now owns 15,674 shares of the industrial products company's stock worth $950,000 after buying an additional 7,890 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Trading Down 2.3%

Shares of NYSE MLI 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 1 year low of $52.00 and a 1 year high of $71.12. The firm's 50-day moving average is $60.36 and its 200-day moving average is $62.25.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings results on Tuesday, October 20th. The industrial products company reported $1.00 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.08). The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.28 billion. Mueller Industries had a return on equity of 25.23% and a net margin of 17.26%. The firm's quarterly revenue was up 31.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.88 EPS.

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were issued a dividend of $0.1750 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries's payout ratio is currently 17.95%.

Insiders Place Their Bets

In other Mueller Industries news, Director John Hansen sold 1,000 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total transaction of $68,130.00. Following the completion of the sale, the director owned 29,000 shares in the company, valued at approximately $1,975,770. The trade was a 3.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Gregory Christopher sold 200,000 shares of the company's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the sale, the chief executive officer owned 1,598,850 shares of the company's stock, valued at $109,425,294. The trade was a 11.12% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 275,444 shares of company stock valued at $18,885,398. Company insiders own 2.30% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on MLI. Wall Street Zen lowered shares of Mueller Industries from a "buy" rating to a "hold" rating in a report on Saturday, October 24th. Northcoast Research raised 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. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a research report on Thursday, October 15th. Finally, Freedom Broker decreased their price target on shares of Mueller Industries from $80.00 to $76.00 and set a "buy" rating on the stock in a research note on Thursday, October 22nd. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $75.50.

About Mueller Industries

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.

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