Mueller Industries, Inc. $MLI Position Boosted by Inspire Investing LLC

Key Points

• Inspire Investing nearly doubled its Mueller Industries position in the third quarter, increasing holdings by 97.2% to 94,413 shares valued at approximately $5.7 million. Institutional investors collectively own 94.5% of the company.
• Mueller Industries reported quarterly revenue of $1.42 billion, up 31.6% year over year, but earnings of $1.00 per share missed analysts’ $1.08 estimate. The stock opened at $54.13, near its 12-month low of $51.20.
• Analysts maintain a generally positive outlook, with the stock carrying an average “Buy” rating and a $75.50 average price target. The company also pays a quarterly dividend of $0.175 per share, yielding about 1.3%.

Inspire Investing LLC lifted its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 97.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 94,413 shares of the industrial products company's stock after buying an additional 46,531 shares during the period. Inspire Investing LLC's holdings in Mueller Industries were worth $5,722,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Alpine Bank Wealth Management acquired a new position in Mueller Industries during the third quarter worth about $25,000. Activest Wealth Management raised its position in Mueller Industries by 80.4% in the third quarter. Activest Wealth Management now owns 424 shares of the industrial products company's stock worth $26,000 after acquiring an additional 189 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Mueller Industries in the second quarter worth about $29,000. Arlington Trust Co LLC acquired a new stake in Mueller Industries in the 2nd quarter valued at about $30,000. Finally, NBT Bank N A NY lifted its holdings in Mueller Industries by 148.7% in the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 171 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

Insiders Place Their Bets

In related news, Director Scott Goldman sold 2,000 shares of the firm'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 value of $128,160.00. Following the completion of the transaction, the director owned 79,734 shares of the company's stock, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gregory L. Christopher sold 200,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,598,850 shares of the company's stock, valued at $109,425,294. This represents a 11.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 275,444 shares of company stock worth $18,885,398 over the last ninety days. 2.30% of the stock is currently owned by company insiders.

Mueller Industries Stock Down 0.7%

Shares of NYSE MLI opened at $54.13 on Friday. Mueller Industries, Inc. has a 12 month low of $51.20 and a 12 month high of $71.12. The company has a market cap of $11.80 billion, a price-to-earnings ratio of 13.88 and a beta of 1.08. The business has a fifty day simple moving average of $61.26 and a 200-day simple moving average of $63.52.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates of $1.08 by ($0.08). The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.28 billion. Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The company's revenue for the quarter was up 31.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.88 EPS.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were issued a $0.1750 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, September 4th. Mueller Industries's dividend payout ratio (DPR) is presently 17.95%.

Analysts Set New Price Targets

Several equities 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 objective on the stock in a research note on Thursday, July 16th. Wall Street Zen lowered shares of Mueller Industries from a "buy" rating to a "hold" rating in a research note on Saturday. Weiss Ratings restated a "buy (b)" rating on shares of Mueller Industries in a report on Thursday, October 15th. Finally, Freedom Broker decreased their price target on shares of Mueller Industries from $80.00 to $76.00 and set a "buy" rating on the stock in a research report on Thursday. Three research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $75.50.

Mueller Industries Company Profile

Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.

The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.

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