Alps Advisors Inc. Buys 101,626 Shares of Mueller Industries, Inc. $MLI

Key Points

• Alps Advisors increased its Mueller Industries stake by 81.3% in the third quarter, buying 101,626 shares to bring its holding to 226,562 shares, valued at about $13.7 million.
• Mueller reported quarterly revenue of $1.42 billion, up 31.6% year over year, but EPS of $1.00 missed analyst expectations of $1.08. Its shares opened at $52.94, near the reported 52-week low of $52.00.
• Analysts’ consensus rating is Buy, with an average price target of $75.50. Company insiders sold 274,000 shares worth about $18.8 million during the quarter.

Alps Advisors Inc. increased its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 81.3% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 226,562 shares of the industrial products company's stock after purchasing an additional 101,626 shares during the period. Alps Advisors Inc. owned 0.10% of Mueller Industries worth $13,732,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Mueller Industries in the second quarter worth about $1,437,555,000. First Trust Advisors LP grew its stake in Mueller Industries by 0.6% during 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 acquiring an additional 33,248 shares in the last quarter. William Blair Investment Management LLC purchased a new position in Mueller Industries during the second quarter valued at approximately $244,156,000. Bank of New York Mellon Corp purchased a new position in Mueller Industries during the second quarter valued at approximately $131,286,000. Finally, Jupiter Topco LLC bought a new stake in Mueller Industries during the 2nd quarter worth approximately $95,120,000. Institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of MLI opened at $52.94 on Friday. The firm's 50 day simple moving average is $59.46 and its 200 day simple moving average is $61.98. The company has a market capitalization of $11.54 billion, a P/E ratio of 13.57 and a beta of 1.01. Mueller Industries, Inc. has a 1-year low of $52.00 and a 1-year high of $71.12.

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

Insider Activity

In related news, Director Scott Goldman sold 2,000 shares of the company's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the transaction, the director directly owned 79,734 shares in the company, valued at approximately $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory L. Christopher sold 200,000 shares of the company'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 completion of the transaction, the chief executive officer owned 1,598,850 shares of the company's stock, valued at $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. In the last quarter, insiders have sold 274,000 shares of company stock worth $18,762,560. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MLI has been the subject of several analyst reports. Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price target for the company in a report on Thursday, July 16th. Wall Street Zen upgraded shares of Mueller Industries from a "hold" rating to a "buy" rating in a research report on Sunday, November 1st. 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 report on Thursday, October 22nd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a research report on Thursday, October 15th. Three investment analysts have rated the stock with a Buy rating. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $75.50.

Mueller Industries Company Profile

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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