The Manufacturers Life Insurance Company Buys Shares of 78,457 Mueller Industries, Inc. $MLI

Key Points

• The Manufacturers Life Insurance Company acquired 78,457 Mueller Industries shares worth approximately $9.65 million, while institutional investors and hedge funds collectively own 94.5% of the stock.
• Mueller Industries exceeded quarterly expectations, reporting $1.13 in adjusted EPS versus the $1.09 consensus and $1.43 billion in revenue, up 25.5% year over year.
• The company declared a quarterly dividend of $0.175 per share, equivalent to a $0.70 annualized payout and a 1.1% yield. Analysts maintain an overall “Buy” rating with an average price target of $75.

The Manufacturers Life Insurance Company bought a new stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 78,457 shares of the industrial products company's stock, valued at approximately $9,645,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MLI. Crossmark Global Holdings Inc. grew its position in Mueller Industries by 337.1% in the 4th quarter. Crossmark Global Holdings Inc. now owns 28,977 shares of the industrial products company's stock worth $3,327,000 after purchasing an additional 22,347 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Mueller Industries by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 10,515,780 shares of the industrial products company's stock valued at $1,207,212,000 after purchasing an additional 260,306 shares in the last quarter. Horizon Investments LLC raised its position in shares of Mueller Industries by 12.7% during the 4th quarter. Horizon Investments LLC now owns 72,199 shares of the industrial products company's stock worth $8,288,000 after buying an additional 8,137 shares in the last quarter. JLB & Associates Inc. acquired a new stake in Mueller Industries in the fourth quarter worth approximately $5,342,000. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Mueller Industries in the fourth quarter valued at $15,268,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Mueller Industries

In related news, Director Scott Jay 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 completion of the sale, the director 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory L. Christopher sold 200,000 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total value of $13,688,000.00. Following the completion of the sale, the chief executive officer directly owned 1,598,850 shares of the company's stock, valued at approximately $109,425,294. The trade was a 11.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 275,444 shares of company stock valued at $18,885,398. Insiders own 2.30% of the company's stock.

Mueller Industries Price Performance

NYSE MLI opened at $62.45 on Tuesday. The firm has a market capitalization of $13.81 billion, a price-to-earnings ratio of 16.26 and a beta of 1.11. The company has a 50 day simple moving average of $63.02 and a 200-day simple moving average of $62.64. Mueller Industries, Inc. has a 52-week low of $47.11 and a 52-week high of $71.12.

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

Mueller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, September 4th. Mueller Industries's dividend payout ratio (DPR) is currently 18.23%.

Wall Street Analyst Weigh In

MLI has been the subject of several recent research reports. Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 target price for the company in a research note on Thursday, July 16th. Wall Street Zen lowered shares of Mueller Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 25th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a research report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries currently has an average rating of "Buy" and an average target price of $75.00.

About Mueller Industries

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.

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