Mueller Industries, Inc. $MLI Stock Holdings Decreased by Meritage Portfolio Management

Meritage Portfolio Management lessened its stake in Mueller Industries, Inc. (NYSE:MLI) by 31.4% during the third quarter, HoldingsChannel.com reports. The firm owned 16,302 shares of the industrial products company’s stock after selling 7,454 shares during the period. Meritage Portfolio Management’s holdings in Mueller Industries were worth $1,648,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Employees Retirement System of Texas acquired a new stake in Mueller Industries during the second quarter valued at approximately $34,000. Northwestern Mutual Wealth Management Co. grew its position 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 worth $40,000 after acquiring an additional 261 shares in the last quarter. Maseco LLP bought a new stake in shares of Mueller Industries in the 2nd quarter valued at approximately $40,000. True Wealth Design LLC raised its position in shares of Mueller Industries by 5,691.7% during the 3rd quarter. True Wealth Design LLC now owns 695 shares of the industrial products company’s stock valued at $70,000 after acquiring an additional 683 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC acquired a new stake in shares of Mueller Industries during the 2nd quarter valued at approximately $79,000. Institutional investors own 94.50% of the company’s stock.

Insider Transactions at Mueller Industries

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

Analyst Upgrades and Downgrades

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

Mueller Industries Trading Up 1.6%

Shares of Mueller Industries stock opened at $130.69 on Friday. The stock has a market capitalization of $14.51 billion, a price-to-earnings ratio of 19.51 and a beta of 1.04. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $131.39. The business’s 50 day simple moving average is $113.96 and its 200-day simple moving average is $101.34.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data 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). The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $942.00 million. Mueller Industries had a net margin of 18.10% and a return on equity of 25.02%. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.48 EPS.

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. Mueller Industries’s payout ratio is 14.93%.

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.