Welch Group LLC Acquires 23,288 Shares of Mueller Industries, Inc. $MLI

Key Points

• Welch Group more than doubled its Mueller Industries stake in the third quarter, acquiring 23,288 additional shares for a total holding of 45,288 shares valued at approximately $2.75 million. Institutional investors and hedge funds own 94.5% of the company.
• Analyst sentiment remains positive: Mueller Industries has an average “Buy” rating and a consensus price target of $75.50, although Freedom Broker recently reduced its target from $80 to $76.
• Mueller Industries reported quarterly revenue of $1.42 billion, up 31.6% year over year, but EPS of $1.00 missed estimates of $1.08. Meanwhile, insiders sold 275,444 shares worth approximately $18.9 million over the past 90 days.

Welch Group LLC increased its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 105.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,288 shares of the industrial products company's stock after purchasing an additional 23,288 shares during the quarter. Welch Group LLC's holdings in Mueller Industries were worth $2,745,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Root Financial Partners LLC raised its position in Mueller Industries by 19.6% during the 1st quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company's stock worth $57,000 after purchasing an additional 84 shares during the last quarter. Jackson Thornton Wealth Management LLC increased its position in shares of Mueller Industries by 2.3% during the first quarter. Jackson Thornton Wealth Management LLC now owns 4,431 shares of the industrial products company's stock worth $537,000 after buying an additional 101 shares during the period. NBT Bank N A NY increased its position in shares of Mueller Industries by 148.7% during the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company's stock worth $32,000 after buying an additional 171 shares during the period. Kera Capital Partners Inc. increased its position in shares of Mueller Industries by 7.8% during the first quarter. Kera Capital Partners Inc. now owns 2,507 shares of the industrial products company's stock worth $278,000 after buying an additional 182 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Mueller Industries by 42.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 625 shares of the industrial products company's stock worth $77,000 after buying an additional 186 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MLI shares. Freedom Broker dropped their target price on shares of Mueller Industries from $80.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, October 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research report on Thursday, October 15th. Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $75.00 target price on the stock in a research report on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of Mueller Industries from a "hold" rating to a "buy" rating in a report on Sunday. Three analysts have rated the stock with a Buy rating. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $75.50.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director John Hansen sold 1,000 shares of the company's 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 transaction, the director owned 29,000 shares in the company, valued at approximately $1,975,770. This represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gregory Christopher sold 200,000 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,598,850 shares in the company, valued at $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 275,444 shares of company stock worth $18,885,398. 2.30% of the stock is owned by corporate insiders.

Mueller Industries Stock Performance

MLI stock opened at $54.49 on Monday. The stock's 50 day simple moving average is $60.36 and its 200 day simple moving average is $62.25. Mueller Industries, Inc. has a fifty-two week low of $52.00 and a fifty-two week high of $71.12. The company has a market cap of $11.88 billion, a P/E ratio of 13.97 and a beta of 1.01.

Mueller Industries (NYSE:MLI - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the company posted $1.88 EPS. The firm's revenue was up 31.6% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors 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 annualized dividend and a yield of 1.3%. Mueller Industries's dividend payout ratio (DPR) is presently 17.95%.

Mueller Industries Profile

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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