Mueller Industries, Inc. $MLI Stake Raised by Crossmark Global Holdings Inc.

Key Points

• Crossmark Global Holdings increased its Mueller Industries stake by 176.6% in the third quarter, bringing its holdings to 75,224 shares valued at approximately $4.56 million. Institutional investors collectively own 94.5% of the company.
• Analysts maintain a favorable view of Mueller Industries, with a consensus “Buy” rating and an average price target of $75.50, despite some recent target reductions.
• Mueller Industries reported quarterly revenue of $1.42 billion, up 31.6% year over year, but adjusted earnings of $1.00 per share fell short of the $1.08 analyst consensus. Shares opened at $54.13, while insiders have sold approximately $18.9 million of stock over the past 90 days.

Crossmark Global Holdings Inc. lifted its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 176.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 75,224 shares of the industrial products company's stock after buying an additional 48,031 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Mueller Industries were worth $4,559,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MLI. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Mueller Industries in the second quarter valued at approximately $29,000. Arlington Trust Co LLC bought a new position in Mueller Industries in the 2nd quarter valued at $30,000. NBT Bank N A NY increased its stake 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 worth $32,000 after acquiring an additional 171 shares during the last quarter. 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 valued at $41,000 after acquiring an additional 82 shares during the last quarter. Finally, Alpine Bank Wealth Management purchased a new stake in Mueller Industries in the third quarter worth approximately $25,000. Institutional investors own 94.50% of the company's stock.

Insider Buying and Selling

In other news, Director Scott Goldman sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the sale, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the director owned 29,000 shares in the company, valued at $1,975,770. This trade represents a 3.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 275,444 shares of company stock worth $18,885,398 in the last ninety days. 2.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Wall Street Zen downgraded Mueller Industries from a "strong-buy" rating to a "buy" rating in a 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 target price on the stock in a research report on Thursday, July 16th. Freedom Broker decreased their price target on shares of Mueller Industries from $80.00 to $76.00 and set a "buy" rating for the company in a research note on Thursday. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research report on Thursday, October 15th. Three analysts have rated the stock with a Buy rating. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $75.50.

Mueller Industries Stock Down 0.7%

Shares of Mueller Industries stock opened at $54.13 on Friday. Mueller Industries, Inc. has a 52-week low of $51.20 and a 52-week high of $71.12. The firm's 50 day moving average price is $61.26 and its 200-day moving average price is $63.52. The company has a market cap of $11.80 billion, a P/E ratio of 13.88 and a beta of 1.08.

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

Mueller Industries Announces Dividend

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

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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