Mueller Industries, Inc. $MLI Stock: Ballast Asset Management LP Grows Position

Ballast Asset Management LP boosted its stake in Mueller Industries, Inc. (NYSE:MLI) by 49.3% during the third quarter, Holdings Channel.com reports. The firm owned 71,734 shares of the industrial products company’s stock after buying an additional 23,701 shares during the period. Mueller Industries accounts for about 1.9% of Ballast Asset Management LP’s portfolio, making the stock its 24th largest position. Ballast Asset Management LP’s holdings in Mueller Industries were worth $4,348,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. United Capital Management of KS Inc. boosted its stake in shares of Mueller Industries by 103.5% during the third quarter. United Capital Management of KS Inc. now owns 175,157 shares of the industrial products company’s stock valued at $10,616,000 after purchasing an additional 89,092 shares during the period. Fairscale Capital LLC grew its holdings in shares of Mueller Industries by 192.5% in the third quarter. Fairscale Capital LLC now owns 784 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 516 shares during the last quarter. Kestra Investment Management LLC increased its stake in shares of Mueller Industries by 73.0% in the third quarter. Kestra Investment Management LLC now owns 26,772 shares of the industrial products company’s stock worth $1,623,000 after buying an additional 11,293 shares during the period. Retirement Systems of Alabama raised its holdings in Mueller Industries by 99.7% during the 3rd quarter. Retirement Systems of Alabama now owns 358,471 shares of the industrial products company’s stock valued at $21,727,000 after buying an additional 178,941 shares during the last quarter. Finally, Fulcrum Asset Management LLP bought a new stake in Mueller Industries during the 3rd quarter valued at $187,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Stock Performance

Shares of MLI stock opened at $54.88 on Tuesday. Mueller Industries, Inc. has a fifty-two week low of $52.00 and a fifty-two week high of $71.12. The firm has a market cap of $11.96 billion, a P/E ratio of 14.07 and a beta of 1.01. The business’s 50 day moving average price is $59.30 and its 200-day moving average price is $61.92.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 20th. The industrial products company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.08). The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.28 billion. Mueller Industries had a net margin of 17.26% and a return on equity of 25.23%. Mueller Industries’s revenue was up 31.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.88 EPS.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, December 4th will be issued a $0.1750 dividend. The ex-dividend date is Friday, December 4th. This represents a $0.70 annualized dividend and a yield of 1.3%. Mueller Industries’s payout ratio is 17.95%.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 2,000 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $55.40, for a total value of $110,800.00. Following the completion of the transaction, the director directly owned 179,078 shares in the company, valued at approximately $9,920,921.20. This represents a 1.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Goldman sold 2,000 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the transaction, the director owned 79,734 shares in the company, valued at $5,109,354.72. This represents a 2.45% decrease in their position. The SEC filing for this sale provides additional information. 2.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Wall Street Zen raised shares of Mueller Industries from a “hold” rating to a “buy” rating in a research report on Sunday, November 1st. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Thursday, July 16th. Freedom Broker lowered their price objective on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Three investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Mueller Industries presently has an average rating of “Buy” and an average price target of $75.50.

About Mueller Industries

Mueller Industries, Inc manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products.

The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.

Founded in 1917, Mueller Industries is headquartered in Collierville, Tennessee.