Barlow Wealth Partners LLC Purchases 210,169 Shares of Mueller Industries, Inc. $MLI

Key Points

• Barlow Wealth Partners increased its Mueller Industries stake by 82.9%, purchasing 210,169 additional shares to own 463,736 shares valued at approximately $57 million. Institutional investors collectively hold 94.5% of the company.
• Mueller Industries reported quarterly EPS of $1.13, beating estimates of $1.09, while revenue rose 25.5% year over year to $1.43 billion. Analysts maintain a consensus “Buy” rating with a $75 price target.
• Company insiders sold 275,444 shares worth $18.9 million over the past three months, including a 200,000-share sale by CEO Gregory Christopher. Mueller also declared a quarterly dividend of $0.175 per share, equivalent to a 1.1% yield.

Barlow Wealth Partners LLC increased its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 82.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 463,736 shares of the industrial products company's stock after purchasing an additional 210,169 shares during the quarter. Mueller Industries accounts for 5.9% of Barlow Wealth Partners LLC's portfolio, making the stock its 2nd largest position. Barlow Wealth Partners LLC owned 0.21% of Mueller Industries worth $57,007,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MLI. BlackRock Inc. purchased a new stake in shares of Mueller Industries during the second quarter worth about $1,437,555,000. First Trust Advisors LP boosted its stake in 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 valued at $619,839,000 after acquiring an additional 33,248 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Mueller Industries by 56.8% in the 4th quarter. AQR Capital Management LLC now owns 4,054,565 shares of the industrial products company's stock valued at $465,464,000 after purchasing an additional 1,468,872 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Mueller Industries by 30.9% during the fourth quarter. Geode Capital Management LLC now owns 2,642,059 shares of the industrial products company's stock worth $303,359,000 after purchasing an additional 624,210 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Mueller Industries by 36.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,528,013 shares of the industrial products company's stock worth $290,216,000 after purchasing an additional 679,958 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company's stock.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Goldman sold 2,000 shares of Mueller Industries 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 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 Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gregory Christopher sold 200,000 shares of the business's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total value of $13,688,000.00. Following 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 275,444 shares of company stock worth $18,885,398 in the last three months. 2.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Mueller Industries Stock Performance

Mueller Industries stock opened at $62.86 on Friday. The company has a 50-day simple moving average of $62.71 and a 200-day simple moving average of $62.68. The firm has a market capitalization of $13.90 billion, a P/E ratio of 16.37 and a beta of 1.10. Mueller Industries, Inc. has a one year low of $47.44 and a one year high of $71.12.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. Mueller Industries's quarterly 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries's dividend payout ratio is 18.23%.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.

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