Hsbc Holdings PLC Acquires New Shares in Mueller Industries, Inc. $MLI

Key Points

• HSBC Holdings acquired 23,958 Mueller Industries shares in the second quarter, valued at approximately $2.6 million. Institutional investors collectively own 94.5% of the company.
• Mueller Industries exceeded quarterly expectations, reporting $1.13 in earnings per share versus the $1.09 consensus estimate and $1.43 billion in revenue, up 25.5% year over year.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a $75 price target. The company also declared a quarterly dividend of $0.175 per share, representing a 1.1% annualized yield.

Hsbc Holdings PLC acquired a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 23,958 shares of the industrial products company's stock, valued at approximately $2,586,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Mueller Industries in the 2nd quarter valued at $29,000. Arlington Trust Co LLC acquired a new position in Mueller Industries in the second quarter valued at about $30,000. NBT Bank N A NY lifted its position in Mueller Industries by 148.7% in the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company's stock valued at $32,000 after buying an additional 171 shares during the last quarter. Western Pacific Wealth Management LP purchased a new position in Mueller Industries during the first quarter worth about $34,000. Finally, Brown Brothers Harriman & Co. purchased a new position in Mueller Industries during the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of NYSE:MLI opened at $62.79 on Monday. The firm has a market capitalization of $13.89 billion, a PE ratio of 16.35 and a beta of 1.11. The firm's 50-day moving average is $63.17 and its two-hundred day moving average is $62.62. Mueller Industries, Inc. has a 1 year low of $47.11 and a 1 year high of $71.12.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The business's revenue for the quarter was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.96 earnings per share.

Mueller Industries Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a yield of 1.1%. Mueller Industries's dividend payout ratio is 18.23%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on MLI shares. Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price target on the stock in a research note on Thursday, July 16th. Wall Street Zen downgraded shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $75.00.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 2,444 shares of the business's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the completion of the transaction, the director owned 181,328 shares in the company, valued at $12,279,532.16. The trade was a 1.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Gregory L. Christopher sold 200,000 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total value of $13,688,000.00. Following the sale, the chief executive officer directly owned 1,598,850 shares in the company, valued at $109,425,294. This represents a 11.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 275,444 shares of company stock valued at $18,885,398 in the last 90 days. Company insiders own 2.30% of the company's stock.

About Mueller Industries

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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