Janney Montgomery Scott LLC Boosts Stock Position in Mueller Industries, Inc. $MLI

Key Points

• Janney Montgomery Scott LLC increased its stake in Mueller Industries, boosting holdings by 21.3% to 24,927 shares, valued at approximately $1.98 million.
• Mueller Industries reported earnings of $1.96 per share, surpassing expectations by $0.34, with a revenue increase of 14.1% year-over-year to $1.14 billion.
• The company declared a quarterly dividend of $0.25 per share, reflecting a 1.0% yield and a payout ratio of 15.87%.

Janney Montgomery Scott LLC boosted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 21.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,927 shares of the industrial products company's stock after acquiring an additional 4,370 shares during the quarter. Janney Montgomery Scott LLC's holdings in Mueller Industries were worth $1,981,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of MLI. Golden State Wealth Management LLC boosted its holdings in Mueller Industries by 103.1% during the 1st 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 during the period. Brooklyn Investment Group lifted its holdings in shares of Mueller Industries by 267.3% in the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock worth $29,000 after buying an additional 278 shares during the period. Rise Advisors LLC purchased a new stake in shares of Mueller Industries in the 1st quarter worth $30,000. Wayfinding Financial LLC purchased a new stake in shares of Mueller Industries in the 1st quarter worth $34,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Mueller Industries in the 1st quarter worth $40,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of NYSE:MLI opened at $96.88 on Friday. The business's 50-day moving average is $96.08 and its 200 day moving average is $84.15. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $102.75. The firm has a market capitalization of $10.72 billion, a P/E ratio of 15.38 and a beta of 1.02.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.34. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The company had revenue of $1.14 billion for 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 firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, September 5th. Mueller Industries's dividend payout ratio is currently 15.87%.

Analyst Ratings Changes

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

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.70% of the company's stock.

Mueller Industries Company 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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