Mueller Industries, Inc. $MLI Stock Bought by Ballast Asset Management LP

Key Points

• Ballast Asset Management increased its Mueller Industries stake by 49.3% in the third quarter, adding 23,701 shares to reach 71,734 shares worth about $4.35 million. Institutional investors collectively own 94.5% of the company’s stock.
• Mueller reported quarterly revenue of $1.42 billion, up 31.6% year over year and above estimates, but earnings per share of $1.00 fell short of the $1.08 consensus and was below $1.88 a year earlier.
• Analysts’ consensus rating is Buy, with an average price target of $75.50. Mueller also declared a quarterly dividend of $0.175 per share, equivalent to a 1.3% annualized yield.

Ballast Asset Management LP increased its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 49.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 71,734 shares of the industrial products company's stock after acquiring an additional 23,701 shares during the period. Mueller Industries makes up about 1.9% of Ballast Asset Management LP's holdings, making the stock its 24th biggest position. Ballast Asset Management LP's holdings in Mueller Industries were worth $4,348,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in Mueller Industries in the 2nd quarter valued at $1,437,555,000. William Blair Investment Management LLC purchased a new position in shares of Mueller Industries during the 2nd quarter valued at $244,156,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Mueller Industries by 97.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,363,538 shares of the industrial products company's stock worth $206,252,000 after purchasing an additional 1,659,240 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Mueller Industries in the second quarter worth $131,286,000. Finally, Jupiter Topco LLC bought a new position in shares of Mueller Industries in the second quarter worth $95,120,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Stock Up 3.6%

MLI opened at $54.88 on Tuesday. The business's fifty day simple moving average is $59.30 and its 200 day simple moving average is $61.92. Mueller Industries, Inc. has a 52 week low of $52.00 and a 52 week high of $71.12. The stock has a market cap of $11.96 billion, a PE ratio of 14.07 and a beta of 1.01.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate 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% on a year-over-year basis.

Mueller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be given a dividend of $0.1750 per share. 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 dividend payout ratio is 17.95%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 2,000 shares of the company's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $55.40, for a total value of $110,800.00. Following the completion of the sale, the director owned 179,078 shares of the company's stock, valued at $9,920,921.20. This represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott Goldman sold 2,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 79,734 shares in the company, valued at $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a research report on Thursday, October 15th. Wall Street Zen upgraded Mueller Industries from a "hold" rating to a "buy" rating in a research report on Sunday, November 1st. Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 price objective for the company in a report on Thursday, July 16th. Finally, Freedom Broker decreased their price objective 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. Three analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $75.50.

Mueller Industries Profile

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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