Summit Global Investments Acquires 9,248 Shares of Mueller Industries, Inc. $MLI

Summit Global Investments increased its holdings in Mueller Industries, Inc. (NYSE:MLI) by 91.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,348 shares of the industrial products company’s stock after purchasing an additional 9,248 shares during the quarter. Summit Global Investments’ holdings in Mueller Industries were worth $1,173,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of MLI. State of Wyoming lifted its holdings in Mueller Industries by 138.7% during the 3rd quarter. State of Wyoming now owns 6,589 shares of the industrial products company’s stock worth $399,000 after buying an additional 3,829 shares during the period. Glenview Trust Co increased its stake in shares of Mueller Industries by 100.0% in the third quarter. Glenview Trust Co now owns 7,542 shares of the industrial products company’s stock valued at $457,000 after buying an additional 3,771 shares during the period. Parcion Private Wealth LLC increased its stake in shares of Mueller Industries by 93.1% in the third quarter. Parcion Private Wealth LLC now owns 8,076 shares of the industrial products company’s stock valued at $489,000 after buying an additional 3,893 shares during the period. Soltis Investment Advisors LLC increased its stake in shares of Mueller Industries by 375.5% in the third quarter. Soltis Investment Advisors LLC now owns 14,178 shares of the industrial products company’s stock valued at $859,000 after buying an additional 11,196 shares during the period. Finally, Childress Capital Advisors LLC raised its position in shares of Mueller Industries by 107.8% during the third quarter. Childress Capital Advisors LLC now owns 6,006 shares of the industrial products company’s stock worth $364,000 after acquiring an additional 3,116 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Price Performance

Shares of Mueller Industries stock opened at $54.49 on Monday. Mueller Industries, Inc. has a one year low of $52.00 and a one year high of $71.12. The stock’s 50-day moving average is $60.36 and its 200 day moving average is $62.25. The firm has a market cap of $11.88 billion, a price-to-earnings ratio of 13.97 and a beta of 1.01.

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

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were issued a dividend of $0.1750 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Friday, September 4th. Mueller Industries’s dividend payout ratio is presently 17.95%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MLI shares. Wall Street Zen upgraded shares of Mueller Industries from a “hold” rating to a “buy” rating in a research report on Sunday. Freedom Broker decreased 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 report on Thursday, October 22nd. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Thursday, July 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Three research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, Mueller Industries presently has an average rating of “Buy” and an average target price of $75.50.

Insiders Place Their Bets

In other news, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the sale, the director owned 79,734 shares in the company, valued at $5,109,354.72. The trade was a 2.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gregory L. Christopher sold 200,000 shares of the business’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 transaction, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. The trade was a 11.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 275,444 shares of company stock worth $18,885,398. Corporate insiders own 2.30% of the company’s stock.

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.