Oak Thistle LLC Takes Position in Mueller Industries, Inc. $MLI

Oak Thistle LLC purchased a new position in Mueller Industries, Inc. (NYSE:MLI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 14,828 shares of the industrial products company’s stock, valued at approximately $1,499,000.

A number of other large investors also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its position in shares of Mueller Industries by 1.9% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock valued at $184,890,000 after purchasing an additional 42,599 shares during the period. LSV Asset Management lifted its stake in Mueller Industries by 0.9% in the 2nd quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after buying an additional 16,757 shares in the last quarter. Norges Bank acquired a new stake in Mueller Industries in the 2nd quarter worth about $127,287,000. Caisse DE Depot ET Placement DU Quebec increased its stake in Mueller Industries by 15.7% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company’s stock worth $93,259,000 after buying an additional 166,012 shares in the last quarter. Finally, Systematic Financial Management LP increased its stake in Mueller Industries by 1.0% during the 1st quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company’s stock worth $72,875,000 after buying an additional 9,463 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy”.

Mueller Industries Trading Down 1.0%

MLI stock opened at $112.62 on Thursday. The firm has a 50-day moving average of $106.91 and a two-hundred day moving average of $95.18. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $115.28. The company has a market cap of $12.50 billion, a price-to-earnings ratio of 16.81 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $942.00 million. During the same quarter last year, the company earned $1.48 earnings per share. Mueller Industries’s revenue for the quarter was up 8.0% on a year-over-year basis.

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, December 5th. Mueller Industries’s dividend payout ratio is presently 14.93%.

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 4,234 shares of Mueller Industries stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the transaction, the director owned 41,745 shares in the company, valued at $4,535,176.80. The trade was a 9.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction dated Thursday, October 23rd. The shares were sold at an average price of $105.71, for a total transaction of $105,710.00. Following the completion of the sale, the director directly owned 91,664 shares of the company’s stock, valued at $9,689,801.44. This represents a 1.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 355,234 shares of company stock valued at $36,944,652 in the last three months. 2.70% of the stock is currently owned by insiders.

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.