Connor Clark & Lunn Investment Management Ltd. Takes $1.50 Million Position in Mueller Industries, Inc. $MLI

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 12,246 shares of the industrial products company’s stock, valued at approximately $1,505,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Activest Wealth Management purchased a new position in Mueller Industries in the fourth quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Mueller Industries during the second quarter worth approximately $29,000. Arlington Trust Co LLC purchased a new stake in Mueller Industries during the second quarter worth approximately $30,000. NBT Bank N A NY increased its position in shares of Mueller Industries by 148.7% in the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 171 shares in the last quarter. Finally, Western Pacific Wealth Management LP acquired a new stake in shares of Mueller Industries in the first quarter worth $34,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on MLI. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a report on Thursday, July 16th. Finally, Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $75.00.

Insider Buying and Selling

In other Mueller Industries news, CEO Gregory L. Christopher sold 200,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,598,850 shares of the company’s stock, valued at $109,425,294. This represents a 11.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Scott Jay Goldman sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the sale, the director owned 79,734 shares of the company’s stock, valued at $5,109,354.72. This represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 275,444 shares of company stock valued at $18,885,398 in the last quarter. Company insiders own 2.30% of the company’s stock.

Mueller Industries Stock Down 0.6%

NYSE MLI opened at $62.45 on Tuesday. The stock has a market cap of $13.81 billion, a PE ratio of 16.26 and a beta of 1.11. Mueller Industries, Inc. has a fifty-two week low of $47.11 and a fifty-two week high of $71.12. The business has a 50 day moving average price of $63.02 and a two-hundred day moving average price of $62.64.

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

Mueller Industries Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries’s dividend payout ratio (DPR) is presently 18.23%.

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.