Envestnet Portfolio Solutions Inc. acquired a new stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 7,895 shares of the industrial products company's stock, valued at approximately $627,000.
A number of other institutional investors also recently modified their holdings of the stock. Golden State Wealth Management LLC increased its stake 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 purchasing an additional 168 shares in the last quarter. Brooklyn Investment Group increased its position 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 bought a new stake in Mueller Industries in the 1st quarter valued at about $30,000. Wayfinding Financial LLC acquired a new position in Mueller Industries during the 1st quarter worth approximately $34,000. Finally, Maseco LLP bought a new position in Mueller Industries in the second quarter worth approximately $40,000. Institutional investors and hedge funds own 94.50% of the company's stock.
Mueller Industries Stock Performance
Shares of NYSE MLI opened at $100.29 on Tuesday. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 15.92 and a beta of 1.02. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $102.75. The firm's 50-day simple moving average is $97.44 and its 200 day simple moving average is $85.21.
Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.34. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The firm 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 Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, September 5th. Mueller Industries's dividend payout ratio is presently 15.87%.
Insiders Place Their Bets
In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the transaction, the director directly owned 92,664 shares in the company, 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 the SEC website. Company insiders own 2.70% of the company's stock.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research report on Wednesday, October 8th. 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 $105.00.
Check Out Our Latest Analysis on Mueller Industries
Mueller Industries Company Profile
(
Free Report)
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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