Mueller Industries, Inc. $MLI Stock Purchased by CWA Asset Management Group LLC

Key Points

• CWA Asset Management Group more than doubled its Mueller Industries position in the third quarter, purchasing 64,689 additional shares to own 121,334 shares valued at approximately $7.35 million. Institutional investors and hedge funds collectively own 94.5% of the company.
• Analysts maintain a positive outlook, with Mueller Industries carrying an average “Buy” rating and a consensus price target of $75. Northcoast Research upgraded the stock to “Buy,” while Wall Street Zen reduced its rating from “Strong Buy” to “Buy.”
• Mueller Industries reported quarterly earnings of $1.13 per share, beating estimates of $1.09, while revenue rose 25.5% year over year to $1.43 billion. The company also pays a quarterly dividend of $0.175, equivalent to a 1.2% yield.

CWA Asset Management Group LLC lifted its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 114.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 121,334 shares of the industrial products company's stock after purchasing an additional 64,689 shares during the quarter. CWA Asset Management Group LLC owned about 0.05% of Mueller Industries worth $7,354,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Worth Financial Advisory Group LLC boosted its holdings in Mueller Industries by 100.0% in the 3rd quarter. Worth Financial Advisory Group LLC now owns 4,250 shares of the industrial products company's stock valued at $258,000 after purchasing an additional 2,125 shares during the last quarter. Abel Hall LLC grew its stake in shares of Mueller Industries by 97.8% in the 3rd quarter. Abel Hall LLC now owns 3,368 shares of the industrial products company's stock valued at $204,000 after buying an additional 1,665 shares during the period. Capital Square LLC acquired a new stake in shares of Mueller Industries during the 3rd quarter worth approximately $201,000. Quantum Financial Partners LLC raised its position in shares of Mueller Industries by 127.1% during the 3rd quarter. Quantum Financial Partners LLC now owns 4,231 shares of the industrial products company's stock valued at $256,000 after buying an additional 2,368 shares during the period. Finally, SteelPeak Wealth LLC purchased a new stake in shares of Mueller Industries during the 3rd quarter valued at approximately $224,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the sale, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hansen sold 2,444 shares of the business's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the completion of the sale, the director directly owned 181,328 shares in the company, valued at approximately $12,279,532.16. The trade was a 1.33% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 275,444 shares of company stock valued at $18,885,398. Company insiders own 2.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen cut Mueller Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 25th. Northcoast Research upgraded 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. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research note on Thursday. Two research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $75.00.

Mueller Industries Price Performance

NYSE MLI opened at $60.76 on Tuesday. The firm's 50-day moving average is $62.19 and its two-hundred day moving average is $63.57. Mueller Industries, Inc. has a 12 month low of $49.51 and a 12 month high of $71.12. The stock has a market capitalization of $13.44 billion, a P/E ratio of 15.82 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 for the quarter, topping 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 company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the firm posted $1.96 earnings per share. Mueller Industries's revenue was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

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

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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