Bank of America Corp DE Takes Position in Mueller Industries, Inc. $MLI

Key Points

• Bank of America initiated a position in Mueller Industries, purchasing 465,918 shares worth approximately $57.3 million, or 0.21% of the company. Institutional investors collectively own 94.5% of MLI.
• Mueller Industries reported quarterly EPS of $1.13, exceeding estimates by $0.04, while revenue rose 25.5% year over year to $1.43 billion. The company also maintains a quarterly dividend of $0.175, equivalent to a 1.2% yield.
• Analyst sentiment remains positive, with an average “Buy” rating and a consensus price target of $75, compared with the stock’s recent price of about $60. However, insiders sold 275,444 shares worth roughly $18.9 million during the last quarter.

Bank of America Corp DE purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 465,918 shares of the industrial products company's stock, valued at approximately $57,275,000. Bank of America Corp DE owned 0.21% of Mueller Industries as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Mueller Industries in the 2nd quarter valued at approximately $1,437,555,000. First Trust Advisors LP boosted its position in shares of Mueller Industries by 0.6% during the 1st quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company's stock worth $619,839,000 after purchasing an additional 33,248 shares during the period. Geode Capital Management LLC increased its holdings in Mueller Industries by 30.9% in the 4th quarter. Geode Capital Management LLC now owns 2,642,059 shares of the industrial products company's stock valued at $303,359,000 after purchasing an additional 624,210 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Mueller Industries by 36.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,528,013 shares of the industrial products company's stock valued at $290,216,000 after purchasing an additional 679,958 shares during the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in Mueller Industries in the second quarter valued at approximately $244,156,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Goldman sold 2,000 shares of Mueller Industries 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 transaction, the director directly owned 79,734 shares of the company's stock, valued at $5,109,354.72. The trade was a 2.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gregory L. Christopher sold 200,000 shares of Mueller Industries 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 completion of the transaction, the chief executive officer directly owned 1,598,850 shares in the company, valued at $109,425,294. The trade was a 11.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 275,444 shares of company stock worth $18,885,398. 2.30% of the stock is owned by insiders.

Mueller Industries Stock Performance

MLI stock opened at $60.00 on Monday. The company's 50 day moving average price is $63.44 and its 200 day moving average price is $62.84. Mueller Industries, Inc. has a fifty-two week low of $48.26 and a fifty-two week high of $71.12. The firm has a market capitalization of $13.27 billion, a price-to-earnings ratio of 15.62 and a beta of 1.10.

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

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were issued a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries's payout ratio is presently 18.23%.

Wall Street Analyst Weigh In

MLI has been the subject of a number of research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research note on Friday, July 17th. Wall Street Zen cut Mueller Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Finally, Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 target price for the company in a research report on Thursday, July 16th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $75.00.

About Mueller Industries

Mueller Industries, Inc is a manufacturer of copper, brass, aluminum, steel and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, construction and industrial applications. The company serves wholesale distributors, original equipment manufacturers and other industrial customers.

Its product portfolio includes copper tube and fittings, brass rod and forgings, valves, plumbing components, plastic pipe and fittings, aluminum extrusions, refrigeration components and other engineered metal products.

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