Cascade Investment Advisors Inc. Takes $1.05 Million Position in Mueller Industries, Inc. $MLI

Key Points

• Cascade Investment Advisors Inc. has acquired a significant new stake in Mueller Industries, purchasing 13,235 shares valued at approximately $1.05 million.
• Mueller Industries reported strong quarterly earnings, with earnings per share of $1.96, exceeding analysts' estimates by $0.34, and a revenue increase of 14.1% year-over-year.
• Institutional investors own approximately 94.5% of Mueller Industries stock, indicating strong confidence in the company's performance.

Cascade Investment Advisors Inc. purchased a new stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 13,235 shares of the industrial products company's stock, valued at approximately $1,052,000.

A number of other institutional investors have also made changes to their positions in MLI. Invesco Ltd. raised its stake in Mueller Industries by 0.4% in the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company's stock worth $213,160,000 after purchasing an additional 10,968 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Mueller Industries by 1.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company's stock worth $184,890,000 after acquiring an additional 42,599 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Mueller Industries by 15.7% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company's stock valued at $93,259,000 after purchasing an additional 166,012 shares during the last quarter. Systematic Financial Management LP boosted its holdings in shares of Mueller Industries by 1.0% during the 1st quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company's stock valued at $72,875,000 after acquiring an additional 9,463 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Mueller Industries during the first quarter valued at about $54,072,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total value of $91,970.00. Following the completion of the transaction, the director owned 92,664 shares of the company's stock, valued at approximately $8,522,308.08. This trade represents a 1.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a "buy (b)" rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $105.00.

Mueller Industries Stock Performance

Mueller Industries stock opened at $96.88 on Monday. The stock has a market cap of $10.72 billion, a price-to-earnings ratio of 15.38 and a beta of 1.02. The stock's 50 day simple moving average is $96.08 and its two-hundred day simple moving average is $84.23. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $102.75.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.34. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.12 billion. Mueller Industries's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is currently 15.87%.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.