Mueller Industries, Inc. $MLI Holdings Raised by Brighton Jones LLC

Brighton Jones LLC grew its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 87.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 40,818 shares of the industrial products company’s stock after acquiring an additional 19,019 shares during the quarter. Brighton Jones LLC’s holdings in Mueller Industries were worth $2,474,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Mueller Industries in the second quarter valued at $1,437,555,000. William Blair Investment Management LLC acquired a new stake in shares of Mueller Industries during the second quarter valued at $244,156,000. Bank of New York Mellon Corp acquired a new stake in shares of Mueller Industries during the second quarter valued at $131,286,000. Jupiter Topco LLC acquired a new stake in shares of Mueller Industries during the second quarter valued at $95,120,000. Finally, Caisse de depot et placement du Quebec purchased a new stake in Mueller Industries during the 2nd quarter worth about $76,653,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI opened at $54.88 on Tuesday. The stock has a fifty day moving average of $59.30 and a two-hundred day moving average of $61.92. The company has a market capitalization of $11.96 billion, a PE ratio of 14.07 and a beta of 1.01. Mueller Industries, Inc. has a fifty-two week low of $52.00 and a fifty-two week high of $71.12.

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

Mueller Industries Announces Dividend

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

Insider Activity

In other Mueller Industries news, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hansen sold 2,000 shares of Mueller Industries stock in a transaction dated 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 sale, the director owned 179,078 shares of the company’s stock, valued at $9,920,921.20. This trade represents a 1.10% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. 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. Wall Street Zen raised shares of Mueller Industries from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. Freedom Broker decreased their price target on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Three investment analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $75.50.

Mueller Industries Profile

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.