Perpetual Ltd Raises Stock Holdings in Mueller Industries, Inc. $MLI

Perpetual Ltd raised its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 4.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 171,192 shares of the industrial products company’s stock after purchasing an additional 6,831 shares during the quarter. Perpetual Ltd’s holdings in Mueller Industries were worth $17,309,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Brooklyn Investment Group grew its position in shares of Mueller Industries by 267.3% during the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock worth $29,000 after buying an additional 278 shares in the last quarter. Rise Advisors LLC acquired a new position in Mueller Industries during the 1st quarter worth $30,000. Employees Retirement System of Texas bought a new stake in shares of Mueller Industries in the 2nd quarter worth about $34,000. Maseco LLP acquired a new stake in shares of Mueller Industries in the 2nd quarter valued at about $40,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Mueller Industries by 108.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 261 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

Mueller Industries stock opened at $115.49 on Friday. The firm’s 50-day moving average is $107.58 and its 200-day moving average is $95.57. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $115.85. The company has a market cap of $12.82 billion, a P/E ratio of 17.24 and a beta of 1.04.

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

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Friday, December 5th. Mueller Industries’s dividend payout ratio is presently 14.93%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, Mueller Industries has an average rating of “Buy”.

Insider Buying and Selling

In related news, Director Scott Jay Goldman sold 4,234 shares of the business’s stock in a transaction that occurred 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 completion of 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 document filed with the SEC, which is available through this hyperlink. Also, CEO Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $103.42, for a total value of $5,171,000.00. Following the transaction, the chief executive officer owned 1,069,241 shares of the company’s stock, valued at approximately $110,580,904.22. The trade was a 4.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 355,234 shares of company stock valued at $36,944,652. Insiders own 2.70% of the company’s stock.

Mueller Industries Profile

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.