Mueller Industries, Inc. $MLI Shares Bought by Isthmus Partners LLC

Key Points

• Isthmus Partners nearly doubled its Mueller Industries stake in the third quarter, adding 35,550 shares to hold 72,548 shares valued at approximately $4.4 million. Institutional investors collectively own 94.5% of MLI.
• Mueller Industries reported quarterly revenue of $1.42 billion, up 31.6% year over year, but earnings per share of $1.00 missed analysts’ $1.08 estimate. The company’s shares opened at $54.43, below both its 50-day and 200-day moving averages.
• Analysts maintain a generally positive view, with an average “Buy” rating and a consensus price target of $75.50. The company also pays a $0.175 quarterly dividend, yielding about 1.3% annually.

Isthmus Partners LLC raised its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 96.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,548 shares of the industrial products company's stock after acquiring an additional 35,550 shares during the quarter. Isthmus Partners LLC's holdings in Mueller Industries were worth $4,397,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. lifted its stake in shares of Mueller Industries by 28.4% in the first quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company's stock valued at $41,000 after buying an additional 82 shares in the last quarter. Root Financial Partners LLC increased its holdings in Mueller Industries by 19.6% during the first quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company's stock worth $57,000 after buying an additional 84 shares during the last quarter. Jackson Thornton Wealth Management LLC lifted its stake in Mueller Industries by 2.3% in the first quarter. Jackson Thornton Wealth Management LLC now owns 4,431 shares of the industrial products company's stock valued at $537,000 after purchasing an additional 101 shares during the last quarter. NBT Bank N A NY grew its stake in shares of Mueller Industries by 148.7% during the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company's stock worth $32,000 after acquiring an additional 171 shares during the period. Finally, Fifth Third Wealth Advisors LLC raised its holdings in Mueller Industries by 3.8% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,727 shares of the industrial products company's stock valued at $524,000 after acquiring an additional 174 shares during the period. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $54.43 on Friday. Mueller Industries, Inc. has a 1 year low of $51.20 and a 1 year high of $71.12. The company's 50-day moving average is $61.49 and its 200 day moving average is $63.59. The stock has a market capitalization of $12.04 billion, a P/E ratio of 13.96 and a beta of 1.08.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings data 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). Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business earned $1.88 EPS. The firm's quarterly revenue was up 31.6% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were given a dividend of $0.1750 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.3%. Mueller Industries's dividend payout ratio (DPR) is 17.95%.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total value of $68,130.00. Following the completion of the sale, the director owned 29,000 shares of the company's stock, valued at approximately $1,975,770. The trade was a 3.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the business's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the sale, the director owned 79,734 shares of the company's stock, valued at approximately $5,109,354.72. This represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 275,444 shares of company stock worth $18,885,398. 2.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MLI has been the topic of several recent analyst reports. Freedom Broker lowered their price target on Mueller Industries from $80.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday. Wall Street Zen lowered shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 25th. Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price target for the company in a research note on Thursday, July 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a report on Thursday, October 15th. Three investment analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target 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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