CPC Advisors LLC Acquires Shares of 65,066 Mueller Industries, Inc. $MLI

CPC Advisors LLC bought a new position in Mueller Industries, Inc. (NYSE:MLI) during the third quarter, Holdings Channel.com reports. The fund bought 65,066 shares of the industrial products company’s stock, valued at approximately $6,579,000.

A number of other institutional investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its holdings in shares of Mueller Industries by 3.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock valued at $232,900,000 after purchasing an additional 77,330 shares during the period. LSV Asset Management lifted its holdings in shares of Mueller Industries by 0.9% in the 2nd quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock worth $153,649,000 after buying an additional 16,757 shares during the period. Norges Bank purchased a new stake in shares of Mueller Industries in the 2nd quarter worth $127,287,000. Qube Research & Technologies Ltd bought a new position in shares of Mueller Industries during the 2nd quarter worth $75,901,000. Finally, AQR Capital Management LLC increased its stake in shares of Mueller Industries by 56.1% during the second quarter. AQR Capital Management LLC now owns 918,802 shares of the industrial products company’s stock valued at $73,017,000 after buying an additional 330,374 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy”.

Mueller Industries Stock Up 0.6%

Shares of Mueller Industries stock opened at $124.36 on Tuesday. The company has a market cap of $13.81 billion, a P/E ratio of 18.56 and a beta of 1.04. The firm’s 50 day moving average price is $112.70 and its 200-day moving average price is $100.62. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $125.61.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $1.99 by ($0.11). Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $942.00 million. During the same quarter last year, the business earned $1.48 earnings per share. Mueller Industries’s revenue was up 8.0% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, December 5th. Mueller Industries’s dividend payout ratio (DPR) is currently 14.93%.

Insider Transactions at Mueller Industries

In other news, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following the transaction, the director owned 41,745 shares in the company, valued at $4,535,176.80. This represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Gregory L. Christopher sold 50,000 shares of the stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $103.42, for a total transaction of $5,171,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,069,241 shares of the company’s stock, valued at $110,580,904.22. The trade was a 4.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 355,234 shares of company stock worth $36,944,652. Insiders own 2.70% of the company’s stock.

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.