Mueller Industries, Inc. $MLI Stake Boosted by Brighton Jones LLC

Key Points

• Brighton Jones LLC increased its Mueller Industries stake by 87.2% in the third quarter, to 40,818 shares worth about $2.47 million. Other institutional investors also added shares, and institutions and hedge funds own 94.5% of the stock.
• Mueller reported quarterly EPS of $1.00, below the $1.08 consensus, while revenue of $1.42 billion exceeded estimates and rose 31.6% year over year.
• Analysts’ average rating is Buy, with an average price target of $75.50. The company also declared a $0.175 quarterly dividend, equivalent to a 1.3% yield.

Brighton Jones LLC lifted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 87.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,818 shares of the industrial products company's stock after buying an additional 19,019 shares during the period. Brighton Jones LLC's holdings in Mueller Industries were worth $2,474,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Ethic Inc. boosted its stake in shares of Mueller Industries by 59.9% in the third quarter. Ethic Inc. now owns 18,377 shares of the industrial products company's stock valued at $1,114,000 after buying an additional 6,884 shares in the last quarter. StoneX Group Inc. purchased a new position in Mueller Industries in the third quarter worth $314,000. Formidable Asset Management LLC purchased a new position in Mueller Industries in the third quarter worth $201,000. Parallel Advisors LLC lifted its holdings in Mueller Industries by 392.6% in the third quarter. Parallel Advisors LLC now owns 2,276 shares of the industrial products company's stock valued at $138,000 after acquiring an additional 1,814 shares during the period. Finally, Alps Advisors Inc. lifted its holdings in Mueller Industries by 81.3% in the third quarter. Alps Advisors Inc. now owns 226,562 shares of the industrial products company's stock valued at $13,732,000 after acquiring an additional 101,626 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

Shares of MLI stock opened at $54.88 on Tuesday. The stock has a fifty day moving average price of $59.30 and a 200 day moving average price of $61.92. The stock has a market cap of $11.96 billion, a PE ratio of 14.07 and a beta of 1.01. Mueller Industries, Inc. has a 1 year low of $52.00 and a 1 year high of $71.12.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.08). The firm 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 firm's revenue for the quarter was up 31.6% on a year-over-year basis. During the same period last year, the company posted $1.88 EPS.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be given a $0.1750 dividend. The ex-dividend date is Friday, December 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.3%. Mueller Industries's payout ratio is currently 17.95%.

Insider Activity

In related news, Director John Hansen sold 2,000 shares of the business's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $55.40, for a total value of $110,800.00. Following the sale, the director directly owned 179,078 shares in the company, valued at $9,920,921.20. The trade was a 1.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the sale, the director directly owned 79,734 shares in the company, valued at approximately $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Freedom Broker decreased their target price 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, October 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a research note on Thursday, October 15th. 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 report on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of Mueller Industries from a "hold" rating to a "buy" rating in a research report on Sunday, November 1st. Three investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Mueller Industries has an average rating of "Buy" and an average target price of $75.50.

About Mueller Industries

Mueller Industries, Inc manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products.

The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.

Founded in 1917, Mueller Industries is headquartered in Collierville, Tennessee.

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