DAVENPORT & Co LLC Boosts Stake in Mueller Industries, Inc. $MLI

Key Points

• DAVENPORT & Co LLC increased its stake in Mueller Industries, Inc. by 24.8% during Q2, holding 43,784 shares valued at approximately $3.48 million.
• Mueller Industries reported a quarterly EPS of $1.96, exceeding estimates of $1.62, with revenue rising 14.1% year-over-year to $1.14 billion.
• The company declared a quarterly dividend of $0.25 per share, translating to an annualized yield of 1.0%.

DAVENPORT & Co LLC boosted its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 24.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,784 shares of the industrial products company's stock after buying an additional 8,688 shares during the quarter. DAVENPORT & Co LLC's holdings in Mueller Industries were worth $3,480,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC lifted its stake in Mueller Industries by 103.1% in the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after buying an additional 168 shares in the last quarter. Brooklyn Investment Group lifted its stake in Mueller Industries by 267.3% in the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock valued at $29,000 after buying an additional 278 shares in the last quarter. Rise Advisors LLC purchased a new position in Mueller Industries in the 1st quarter valued at about $30,000. Wayfinding Financial LLC purchased a new position in Mueller Industries in the 1st quarter valued at about $34,000. Finally, Opal Wealth Advisors LLC purchased a new position in Mueller Industries in the 1st quarter valued at about $40,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research note on Wednesday. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries presently has an average rating of "Buy" and a consensus target price of $105.00.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $100.42 on Thursday. The company has a 50 day simple moving average of $95.56 and a 200-day simple moving average of $83.90. The company has a market capitalization of $11.12 billion, a P/E ratio of 15.94 and a beta of 1.02. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $102.75.

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

Mueller Industries Announces Dividend

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

Insider Activity

In other news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction that occurred on 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 owned 92,664 shares in the company, valued at $8,522,308.08. This trade represents a 1.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is owned by corporate insiders.

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.

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