Allspring Global Investments Holdings LLC Acquires 1,659,240 Shares of Mueller Industries, Inc. $MLI

Key Points

• Allspring Global Investments increased its Mueller Industries stake by 97.4%, adding 1,659,240 shares in the third quarter to hold 3,363,538 shares, worth about $206.3 million.
• Analyst sentiment was broadly positive: the stock had a consensus Buy rating and a $75.50 average price target.
• Mueller reported quarterly EPS of $1.00, below the $1.08 consensus, while revenue rose 31.6% year over year to $1.42 billion. The company also announced a $0.175-per-share quarterly dividend.

Allspring Global Investments Holdings LLC lifted its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 97.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,363,538 shares of the industrial products company's stock after purchasing an additional 1,659,240 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.54% of Mueller Industries worth $206,252,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MLI. Alpine Bank Wealth Management acquired a new position in shares of Mueller Industries during the third quarter valued at about $25,000. Activest Wealth Management raised its holdings in shares of Mueller Industries by 80.4% in the third quarter. Activest Wealth Management now owns 424 shares of the industrial products company's stock worth $26,000 after buying an additional 189 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Mueller Industries in the second quarter worth $29,000. Arlington Trust Co LLC purchased a new position in shares of Mueller Industries in the second quarter worth $30,000. Finally, Strengthening Families & Communities LLC lifted its stake in shares of Mueller Industries by 100.7% during the third quarter. Strengthening Families & Communities LLC now owns 570 shares of the industrial products company's stock worth $35,000 after buying an additional 286 shares during the period. Institutional investors and hedge funds own 94.50% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MLI. Wall Street Zen raised shares of Mueller Industries from a "hold" rating to a "buy" rating in a report on Sunday, November 1st. Weiss Ratings restated a "buy (b)" rating on shares of Mueller Industries in a research note on Thursday, October 15th. Northcoast Research upgraded 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. Finally, Freedom Broker lowered their price target on Mueller Industries from $80.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, October 22nd. Three analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $75.50.

Insider Activity

In related news, Director John Hansen sold 2,000 shares of the business's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $55.40, for a total value of $110,800.00. Following the completion of the transaction, the director directly owned 179,078 shares in the company, valued at $9,920,921.20. The trade was a 1.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Scott Goldman sold 2,000 shares of the stock in a transaction on Thursday, August 27th. The stock was 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 204,000 shares of company stock valued at $13,926,960 in the last three months. 2.30% of the stock is currently owned by corporate insiders.

Mueller Industries Stock Performance

NYSE:MLI opened at $52.94 on Monday. Mueller Industries, Inc. has a one year low of $52.00 and a one year high of $71.12. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of 13.57 and a beta of 1.01. The firm's fifty day moving average is $59.46 and its two-hundred day moving average is $61.98.

Mueller Industries (NYSE:MLI - Get Free Report) last announced 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 return on equity of 25.23% and a net margin of 17.26%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the prior year, the business posted $1.88 earnings per share. Mueller Industries's revenue for the quarter was up 31.6% on a year-over-year basis.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be issued a dividend of $0.1750 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, December 4th. Mueller Industries's payout ratio is 17.95%.

About Mueller Industries

Mueller Industries, Inc manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products.

The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.

Founded in 1917, Mueller Industries is headquartered in Collierville, Tennessee.

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