Tidal Investments LLC Has $53.69 Million Stake in Mueller Industries, Inc. $MLI

Tidal Investments LLC raised its stake in Mueller Industries, Inc. (NYSE:MLI) by 106.6% during the second quarter, HoldingsChannel.com reports. The fund owned 436,778 shares of the industrial products company’s stock after acquiring an additional 225,366 shares during the quarter. Tidal Investments LLC’s holdings in Mueller Industries were worth $53,693,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. California State Teachers Retirement System lifted its holdings in shares of Mueller Industries by 11,988.1% during the second quarter. California State Teachers Retirement System now owns 15,014,547 shares of the industrial products company’s stock valued at $1,845,738,000 after acquiring an additional 14,890,338 shares during the period. BlackRock Inc. bought a new stake in shares of Mueller Industries in the 2nd quarter worth about $1,437,555,000. First Trust Advisors LP increased its position in shares of Mueller Industries by 0.6% during the 1st quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock worth $619,839,000 after purchasing an additional 33,248 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Mueller Industries by 56.8% during the 4th quarter. AQR Capital Management LLC now owns 4,054,565 shares of the industrial products company’s stock worth $465,464,000 after purchasing an additional 1,468,872 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Mueller Industries by 30.9% during the 4th quarter. Geode Capital Management LLC now owns 2,642,059 shares of the industrial products company’s stock valued at $303,359,000 after purchasing an additional 624,210 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MLI has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Northcoast Research upgraded 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, Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Mueller Industries has an average rating of “Buy” and a consensus target price of $75.00.

Insider Activity

In related news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gregory Christopher sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the transaction, the chief executive officer owned 1,598,850 shares of the company’s stock, valued at $109,425,294. This trade represents a 11.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 275,444 shares of company stock valued at $18,885,398 over the last three months. 2.30% of the stock is owned by insiders.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $63.75 on Thursday. The business has a fifty day moving average of $62.92 and a 200-day moving average of $62.81. Mueller Industries, Inc. has a twelve month low of $47.63 and a twelve month high of $71.12. The firm has a market cap of $14.10 billion, a PE ratio of 16.60 and a beta of 1.10.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the company earned $1.96 EPS. The firm’s quarterly revenue was up 25.5% on a year-over-year basis.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 4th. Mueller Industries’s dividend payout ratio is 18.23%.

Mueller Industries Company 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.