Mueller Industries, Inc. $MLI Stock Acquired by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue nearly doubled its Mueller Industries stake in the third quarter, increasing holdings by 97.3% to 51,373 shares valued at approximately $3.1 million. Institutional investors collectively own 94.5% of MLI.
• Analyst sentiment remains positive, with Mueller Industries carrying a consensus “Buy” rating and an average price target of $75.00.
• Mueller Industries exceeded quarterly earnings expectations, reporting $1.13 in EPS versus $1.09 expected and $1.43 billion in revenue, up 25.5% year over year. The company also announced a $0.175 quarterly dividend, representing a 1.2% annualized yield.

State of Alaska Department of Revenue lifted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 97.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 51,373 shares of the industrial products company's stock after purchasing an additional 25,329 shares during the quarter. State of Alaska Department of Revenue's holdings in Mueller Industries were worth $3,112,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in MLI. BlackRock Inc. purchased a new position in Mueller Industries in the 2nd quarter valued at approximately $1,437,555,000. William Blair Investment Management LLC acquired a new position in shares of Mueller Industries in the second quarter worth $244,156,000. Bank of New York Mellon Corp purchased a new stake in shares of Mueller Industries during the second quarter worth $131,286,000. Pictet Asset Management Holding SA increased its position in shares of Mueller Industries by 136.5% during the first quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company's stock worth $185,561,000 after acquiring an additional 966,840 shares during the period. Finally, Jupiter Topco LLC purchased a new stake in shares of Mueller Industries during the second quarter worth $95,120,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MLI. Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective on the stock in a research note on Thursday, July 16th. Wall Street Zen lowered Mueller Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research note on Thursday. Two analysts have rated the stock with a Buy rating. According to MarketBeat, Mueller Industries presently has a consensus rating of "Buy" and an average price target of $75.00.

Mueller Industries Stock Performance

MLI stock opened at $60.13 on Friday. The company's 50 day moving average price is $62.35 and its 200 day moving average price is $63.47. Mueller Industries, Inc. has a fifty-two week low of $48.79 and a fifty-two week high of $71.12. The firm has a market capitalization of $13.30 billion, a price-to-earnings ratio of 15.66 and a beta of 1.08.

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

Mueller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.1750 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.2%. Mueller Industries's dividend payout ratio is currently 18.23%.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total transaction of $68,130.00. Following the completion of the sale, the director directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total transaction of $128,160.00. Following the sale, the director directly owned 79,734 shares of the company's stock, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 275,444 shares of company stock valued at $18,885,398. Insiders own 2.30% of the company's stock.

About Mueller Industries

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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