42,573 Mueller Industries, Inc. $MLI Shares Acquired by Anderson Hoagland & Co.

Key Points

• Anderson Hoagland & Co. increased its Mueller Industries stake by 92.5% in the third quarter, acquiring 42,573 shares for a total holding of 88,576 shares valued at approximately $5.37 million. Institutional investors collectively own 94.5% of the company.
• Mueller Industries reported quarterly revenue of $1.42 billion, up 31.6% year over year and above estimates, but earnings per share of $1.00 missed the $1.08 consensus forecast.
• Analyst sentiment remains favorable, with an average “Buy” rating and a consensus price target of $75.50, while the stock recently traded at $54.13. Insiders, however, sold $18.9 million worth of shares over the past three months.

Anderson Hoagland & Co. raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 92.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 88,576 shares of the industrial products company's stock after buying an additional 42,573 shares during the period. Anderson Hoagland & Co.'s holdings in Mueller Industries were worth $5,369,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MLI. Engineers Gate Manager LP increased its position in shares of Mueller Industries by 169.1% during the 2nd quarter. Engineers Gate Manager LP now owns 35,950 shares of the industrial products company's stock valued at $4,419,000 after purchasing an additional 22,590 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Mueller Industries in the 2nd quarter worth approximately $3,658,000. Tidal Investments LLC lifted its stake in shares of Mueller Industries by 106.6% in the 2nd quarter. Tidal Investments LLC now owns 436,778 shares of the industrial products company's stock worth $53,693,000 after purchasing an additional 225,366 shares during the period. Susquehanna Fundamental Investments LLC lifted its stake in shares of Mueller Industries by 60.3% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,342 shares of the industrial products company's stock worth $11,106,000 after purchasing an additional 33,981 shares during the period. Finally, Argent Capital Management LLC boosted its holdings in shares of Mueller Industries by 86.7% in the third quarter. Argent Capital Management LLC now owns 42,853 shares of the industrial products company's stock worth $2,597,000 after buying an additional 19,904 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 sale, the director directly owned 79,734 shares in the company, valued at $5,109,354.72. This trade represents a 2.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John 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 transaction of $68,130.00. Following the transaction, the director owned 29,000 shares in the company, valued at approximately $1,975,770. This trade represents a 3.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 275,444 shares of company stock worth $18,885,398 in the last three months. Company insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MLI shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a research report on Thursday, October 15th. Wall Street Zen cut shares of Mueller Industries from a "buy" rating to a "hold" rating in a research note on Saturday. Freedom Broker cut their price objective on shares of Mueller Industries from $80.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday. Finally, Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective for the company in a research note on Thursday, July 16th. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat, Mueller Industries presently has an average rating of "Buy" and a consensus price target of $75.50.

Mueller Industries Trading Down 0.7%

Mueller Industries stock opened at $54.13 on Friday. Mueller Industries, Inc. has a 12-month low of $51.20 and a 12-month high of $71.12. The firm has a market capitalization of $11.80 billion, a price-to-earnings ratio of 13.88 and a beta of 1.08. The firm has a 50 day moving average of $61.26 and a 200 day moving average of $63.52.

Mueller Industries (NYSE:MLI - Get Free Report) last issued 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 firm had revenue of $1.42 billion for the quarter, compared to analysts' expectations of $1.28 billion. During the same period in the prior year, the firm earned $1.88 EPS. Mueller Industries's revenue for the quarter was up 31.6% compared to the same quarter last year.

Mueller Industries Dividend Announcement

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

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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