Mueller Industries, Inc. $MLI Position Lifted by Oregon Public Employees Retirement Fund

Key Points

• Oregon Public Employees Retirement Fund more than doubled its Mueller Industries stake in the third quarter, adding 22,960 shares to reach 45,820 shares valued at $2.78 million. Institutional investors and hedge funds own 94.5% of the stock.
• Analysts carry a consensus Buy rating and $75.50 price target, though Freedom Broker lowered its target to $76. Three analysts cited in the article rate the stock Buy.
• Mueller Industries reported quarterly revenue of $1.42 billion, up 31.6% year over year and above estimates, but earnings of $1.00 per share fell short of the $1.08 consensus. Insiders also sold 274,000 shares worth about $18.8 million over the past three months.

Oregon Public Employees Retirement Fund raised its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 100.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,820 shares of the industrial products company's stock after purchasing an additional 22,960 shares during the period. Oregon Public Employees Retirement Fund's holdings in Mueller Industries were worth $2,777,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of MLI. Alpine Bank Wealth Management acquired a new position in shares of Mueller Industries in the 3rd quarter valued at $25,000. Activest Wealth Management raised its stake in Mueller Industries by 80.4% during the 3rd quarter. Activest Wealth Management now owns 424 shares of the industrial products company's stock worth $26,000 after buying an additional 189 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Mueller Industries during the second quarter worth about $29,000. Arlington Trust Co LLC bought a new position in Mueller Industries during the second quarter worth about $30,000. Finally, Strengthening Families & Communities LLC lifted its holdings in Mueller Industries by 100.7% during the third quarter. Strengthening Families & Communities LLC now owns 570 shares of the industrial products company's stock worth $35,000 after acquiring an additional 286 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MLI has been the subject of a number of research analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research note on Thursday, October 15th. Wall Street Zen upgraded Mueller Industries from a "hold" rating to a "buy" rating in a report on Sunday, November 1st. Freedom Broker cut their price objective on Mueller Industries from $80.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, October 22nd. Finally, Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective for the company in a research report on Thursday, July 16th. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $75.50.

Insider Activity

In other news, CEO Gregory Christopher sold 200,000 shares of the company's stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Hansen sold 2,000 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $55.40, for a total value of $110,800.00. Following the transaction, the director owned 179,078 shares of the company's stock, valued at approximately $9,920,921.20. The trade was a 1.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 274,000 shares of company stock worth $18,762,560 over the last three months. Corporate insiders own 2.30% of the company's stock.

Mueller Industries Stock Up 0.9%

Shares of NYSE:MLI traded up $0.50 during midday trading on Friday, reaching $52.94. 1,969,311 shares of the company were exchanged, compared to its average volume of 1,710,259. The firm has a market cap of $11.54 billion, a PE ratio of 13.57 and a beta of 1.01. Mueller Industries, Inc. has a fifty-two week low of $52.00 and a fifty-two week high of $71.12. The stock has a fifty day simple moving average of $59.46 and a two-hundred day simple moving average of $61.98.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its 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 return on equity of 25.23% and a net margin of 17.26%. Mueller Industries's revenue for the quarter was up 31.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.88 earnings per share.

About Mueller Industries

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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