Mueller Industries, Inc. $MLI Stake Increased by Argent Capital Management LLC

Key Points

• Argent Capital Management increased its Mueller Industries stake by 86.7% in the third quarter, purchasing 19,904 additional shares and bringing its holdings to 42,853 shares valued at approximately $2.6 million. Institutional investors collectively own 94.5% of the company.
• Mueller Industries reported quarterly revenue of $1.43 billion, up 25.5% year over year, and EPS of $1.13, beating analyst expectations. The company also pays a quarterly dividend of $0.175, equivalent to a 1.1% yield.
• MLI shares recently traded at $63.48, while analysts maintain a consensus “Buy” rating and a $75 price target. However, insiders sold approximately $18.9 million worth of stock over the past 90 days.

Argent Capital Management LLC boosted its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 86.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 42,853 shares of the industrial products company's stock after purchasing an additional 19,904 shares during the period. Argent Capital Management LLC's holdings in Mueller Industries were worth $2,597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Mueller Industries in the second quarter worth approximately $29,000. Arlington Trust Co LLC purchased a new position in Mueller Industries during the 2nd quarter valued at $30,000. NBT Bank N A NY grew its position 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. Western Pacific Wealth Management LP bought a new position in Mueller Industries in the 1st quarter valued at $34,000. Finally, SJS Investment Consulting Inc. increased its stake in Mueller Industries by 28.4% in the first quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company's stock worth $41,000 after purchasing an additional 82 shares during the period. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Stock Up 1.5%

Shares of MLI stock traded up $0.92 on Monday, hitting $63.48. The stock had a trading volume of 354,021 shares, compared to its average volume of 1,522,755. Mueller Industries, Inc. has a one year low of $48.26 and a one year high of $71.12. The business has a 50 day moving average price of $63.56 and a 200 day moving average price of $63.10. The company has a market cap of $14.04 billion, a PE ratio of 16.52 and a beta of 1.08.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The business had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter last year, the firm earned $1.96 EPS. The business's revenue for the quarter was up 25.5% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were given a $0.1750 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, September 4th. Mueller Industries's dividend payout ratio is presently 18.23%.

Insider Buying and Selling

In other Mueller Industries news, Director John Hansen sold 2,444 shares of Mueller Industries stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $67.72, for a total transaction of $165,507.68. Following the completion of the sale, the director owned 181,328 shares of the company's stock, valued at approximately $12,279,532.16. The trade was a 1.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Scott Goldman sold 2,000 shares of the business's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the sale, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. The trade was a 2.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 275,444 shares of company stock worth $18,885,398 in the last 90 days. Insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MLI. Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research note on Friday, July 17th. Wall Street Zen lowered shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Finally, Northcoast Research raised shares of 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. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, Mueller Industries presently has a consensus rating of "Buy" and a consensus price target of $75.00.

Mueller Industries Profile

Mueller Industries, Inc manufactures and distributes products made from copper, brass, aluminum, steel and plastic. Its product portfolio includes copper and plastic pipe, fittings, valves, plumbing components, refrigeration and air-conditioning tubing, heat-transfer products, and other fabricated metal products.

The company serves residential, commercial, industrial and infrastructure markets. Its products are used in plumbing, heating, ventilation and air-conditioning systems, refrigeration, fire protection, water distribution, and various industrial applications.

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