Truist Financial Corp Has $10.14 Million Position in Mueller Industries, Inc. $MLI

Key Points

• Truist Financial Corp has increased its stake in Mueller Industries by 65.2%, owning a total of 127,641 shares worth approximately $10.14 million as of the end of the second quarter.
• Mueller Industries reported a 14.1% year-over-year revenue increase with earnings per share of $1.96, exceeding analysts' expectations by $0.34 in its most recent quarterly results.
• The stock has an average price target of $105.00 and is currently rated as a "Buy" by analysts, highlighting positive market sentiment towards the company.

Truist Financial Corp lifted its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 65.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 127,641 shares of the industrial products company's stock after purchasing an additional 50,388 shares during the period. Truist Financial Corp owned 0.12% of Mueller Industries worth $10,144,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MLI. Nuveen LLC acquired a new stake in shares of Mueller Industries in the first quarter valued at approximately $54,072,000. AQR Capital Management LLC increased its holdings in shares of Mueller Industries by 329.0% in the first quarter. AQR Capital Management LLC now owns 588,428 shares of the industrial products company's stock valued at $43,926,000 after purchasing an additional 451,261 shares in the last quarter. Epoch Investment Partners Inc. increased its holdings in shares of Mueller Industries by 222.8% in the first quarter. Epoch Investment Partners Inc. now owns 597,704 shares of the industrial products company's stock valued at $45,509,000 after purchasing an additional 412,564 shares in the last quarter. TD Asset Management Inc acquired a new stake in shares of Mueller Industries in the first quarter valued at approximately $18,114,000. Finally, Bessemer Group Inc. increased its holdings in shares of Mueller Industries by 78.2% in the first quarter. Bessemer Group Inc. now owns 443,281 shares of the industrial products company's stock valued at $33,751,000 after purchasing an additional 194,463 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research note on Saturday, September 27th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $105.00.

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 12th. The shares were sold at an average price of $91.97, for a total transaction of $91,970.00. Following the transaction, the director directly owned 92,664 shares of the company's stock, valued at $8,522,308.08. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

Mueller Industries Stock Performance

Shares of MLI stock opened at $100.46 on Monday. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $102.75. The stock has a market cap of $11.12 billion, a PE ratio of 15.95 and a beta of 1.02. The firm's 50 day moving average price is $94.85 and its two-hundred day moving average price is $83.52.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.34. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. Mueller Industries's quarterly revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is currently 15.87%.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.

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