Mueller Industries, Inc. $MLI Shares Purchased by CoreCap Advisors LLC

CoreCap Advisors LLC boosted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 119.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 115,861 shares of the industrial products company’s stock after purchasing an additional 63,164 shares during the period. CoreCap Advisors LLC’s holdings in Mueller Industries were worth $7,022,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Mueller Industries during the second quarter worth about $1,437,555,000. First Trust Advisors LP increased its position in Mueller Industries by 0.6% in the 1st quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock valued at $619,839,000 after acquiring an additional 33,248 shares during the period. William Blair Investment Management LLC acquired a new position in Mueller Industries in the 2nd quarter valued at about $244,156,000. Pictet Asset Management Holding SA raised its stake in Mueller Industries by 136.5% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock valued at $185,561,000 after acquiring an additional 966,840 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Mueller Industries by 36.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,563,088 shares of the industrial products company’s stock valued at $179,443,000 after acquiring an additional 420,644 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

NYSE:MLI traded up $0.34 during mid-day trading on Thursday, reaching $60.56. The stock had a trading volume of 1,311,334 shares, compared to its average volume of 1,525,805. Mueller Industries, Inc. has a twelve month low of $48.26 and a twelve month high of $71.12. The business has a 50 day simple moving average of $63.37 and a 200 day simple moving average of $63.24. The firm has a market capitalization of $13.40 billion, a price-to-earnings ratio of 15.77 and a beta of 1.08.

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

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 paid a $0.1750 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.2%. Mueller Industries’s payout ratio is 18.23%.

Insider Buying and Selling

In other Mueller Industries news, Director Scott Goldman sold 2,000 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the transaction, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $13,688,000.00. Following the completion of the sale, the chief executive officer directly owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. This trade represents a 11.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 275,444 shares of company stock valued at $18,885,398 over the last quarter. Company insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MLI shares. Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Finally, Northcoast Research raised 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. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Mueller Industries has a consensus rating of “Buy” and a consensus target price of $75.00.

Mueller Industries Profile

Mueller Industries, Inc manufactures and distributes products made from copper, brass, aluminum, steel and plastic. Its product portfolio includes copper and plastic pipe, fittings, valves, plumbing components, refrigeration and air-conditioning tubing, heat-transfer products, and other fabricated metal products.

The company serves residential, commercial, industrial and infrastructure markets. Its products are used in plumbing, heating, ventilation and air-conditioning systems, refrigeration, fire protection, water distribution, and various industrial applications.