Empowered Funds LLC Acquires New Stake in Mueller Industries, Inc. $MLI

Key Points

• Empowered Funds LLC acquired 172,922 shares of Mueller Industries during the second quarter, worth approximately $10.6 million. Institutional investors and hedge funds now own 94.5% of the company.
• Mueller Industries reported quarterly EPS of $1.13, exceeding estimates of $1.09, while revenue rose 25.5% year over year to $1.43 billion. The company also declared a quarterly dividend of $0.175 per share, representing a 1.1% yield.
• Shares opened at $62.45, near their 50-day and 200-day moving averages. Analysts maintain a consensus “Buy” rating with an average price target of $75, although company insiders sold roughly $18.9 million of stock over the past 90 days.

Empowered Funds LLC bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 172,922 shares of the industrial products company's stock, valued at approximately $10,629,000. Empowered Funds LLC owned approximately 0.08% of Mueller Industries at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Mueller Industries during the 2nd quarter valued at $1,437,555,000. William Blair Investment Management LLC acquired a new stake in shares of Mueller Industries in the second quarter valued at $244,156,000. AQR Capital Management LLC boosted its stake in Mueller Industries by 181.4% during the third quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company's stock valued at $261,439,000 after buying an additional 1,666,891 shares in the last quarter. Norges Bank bought a new position in Mueller Industries during the fourth quarter valued at about $171,281,000. Finally, UBS Group AG grew its holdings in Mueller Industries by 837.0% during the third quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company's stock worth $129,819,000 after acquiring an additional 1,146,919 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 2,000 shares of the business's stock in a transaction that occurred on Thursday, August 27th. The shares were 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 in the company, valued at $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gregory L. Christopher sold 200,000 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. This represents a 11.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 275,444 shares of company stock valued at $18,885,398. 2.30% of the stock is currently owned by corporate insiders.

Mueller Industries Stock Down 0.6%

Shares of NYSE MLI opened at $62.45 on Tuesday. The stock's fifty day simple moving average is $63.02 and its 200 day simple moving average is $62.64. The stock has a market capitalization of $13.81 billion, a price-to-earnings ratio of 16.26 and a beta of 1.11. Mueller Industries, Inc. has a 52-week low of $47.11 and a 52-week high of $71.12.

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

Mueller Industries Dividend Announcement

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

Wall Street Analyst Weigh In

MLI has been the topic of several research reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a research report on Friday, July 17th. Wall Street Zen cut shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 25th. Finally, Northcoast Research upgraded shares of 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. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $75.00.

Mueller Industries 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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