88,372 Mueller Industries, Inc. $MLI Shares Acquired by CX Institutional

Key Points

• CX Institutional increased its Mueller Industries stake by 4,548.2% in the third quarter, acquiring 88,372 additional shares for a total holding of 90,315 shares valued at approximately $5.47 million.
• Institutional investors and hedge funds own 94.5% of Mueller Industries, with several major firms—including BlackRock, Goldman Sachs, and Pictet Asset Management—recently building positions.
• Analysts maintain a positive outlook, with the stock carrying an average “Buy” rating and a $75 price target. Mueller also exceeded quarterly earnings and revenue estimates and pays a $0.175 quarterly dividend.

CX Institutional boosted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 4,548.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 90,315 shares of the industrial products company's stock after buying an additional 88,372 shares during the quarter. CX Institutional's holdings in Mueller Industries were worth $5,474,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Mueller Industries during the 2nd quarter worth approximately $1,437,555,000. First Trust Advisors LP raised its stake in Mueller Industries by 0.6% in the first quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company's stock valued at $619,839,000 after purchasing an additional 33,248 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Mueller Industries by 36.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,528,013 shares of the industrial products company's stock worth $290,216,000 after acquiring an additional 679,958 shares during the period. William Blair Investment Management LLC acquired a new stake in Mueller Industries in the second quarter valued at about $244,156,000. Finally, Pictet Asset Management Holding SA grew its position in Mueller Industries by 136.5% in the first quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company's stock valued at $185,561,000 after acquiring an additional 966,840 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MLI has been the subject of several research analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a report on Friday, July 17th. Wall Street Zen lowered Mueller Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 25th. Finally, Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price target on the stock in a research report on Thursday, July 16th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $75.00.

Mueller Industries Stock Performance

NYSE:MLI opened at $62.58 on Friday. The firm has a market cap of $13.84 billion, a price-to-earnings ratio of 16.30 and a beta of 1.08. The firm has a 50-day moving average price of $63.56 and a two-hundred day moving average price of $63.04. Mueller Industries, Inc. has a 52 week low of $48.26 and a 52 week high of $71.12.

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

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were given a dividend of $0.1750 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries's dividend payout ratio is currently 18.23%.

Insider Transactions at Mueller Industries

In related news, Director John Hansen sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total value of $68,130.00. Following the transaction, the director owned 29,000 shares in the company, valued at approximately $1,975,770. This represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gregory Christopher sold 200,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total value of $13,688,000.00. Following the transaction, the chief executive officer directly owned 1,598,850 shares of the company's stock, valued at approximately $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 275,444 shares of company stock worth $18,885,398 in the last quarter. 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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