Chevy Chase Trust Holdings LLC Increases Stock Position in Mueller Industries, Inc. $MLI

Key Points

• Chevy Chase Trust Holdings LLC increased its stake in Mueller Industries (NYSE:MLI) by 54.5% during the second quarter, now owning 84,036 shares valued at $6.68 million.
• Mueller Industries reported a quarterly earnings per share of $1.96, exceeding analyst estimates of $1.62, with revenue rising 14.1% year-over-year to $1.14 billion.
• The company is significantly supported by institutional investors, holding 94.50% of the stock, and has a consensus rating of "Buy" with an average target price of $105.00 from Wall Street analysts.

Chevy Chase Trust Holdings LLC boosted its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 54.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,036 shares of the industrial products company's stock after acquiring an additional 29,658 shares during the period. Chevy Chase Trust Holdings LLC owned 0.08% of Mueller Industries worth $6,678,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in MLI. Golden State Wealth Management LLC raised its holdings in Mueller Industries by 103.1% in the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after acquiring an additional 168 shares in the last quarter. Brooklyn Investment Group raised its holdings in Mueller Industries by 267.3% in the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 278 shares in the last quarter. Rise Advisors LLC acquired a new stake in Mueller Industries in the first quarter valued at $30,000. Wayfinding Financial LLC acquired a new stake in Mueller Industries in the first quarter valued at $34,000. Finally, Maseco LLP acquired a new stake in Mueller Industries in the second quarter valued at $40,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Trading Up 1.7%

NYSE:MLI opened at $100.29 on Tuesday. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $102.75. The company has a 50-day moving average of $97.44 and a 200-day moving average of $85.21. The firm has a market cap of $11.10 billion, a price-to-earnings ratio of 15.92 and a beta of 1.02.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, beating 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. The firm's quarterly revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Dividend Announcement

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

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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

Mueller Industries Profile

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.

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