Mueller Industries, Inc. $MLI Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lessened its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 23.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,274,875 shares of the industrial products company’s stock after selling 393,689 shares during the period. Pictet Asset Management Holding SA’s holdings in Mueller Industries were worth $77,271,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Mueller Industries during the 2nd quarter valued at about $1,437,555,000. First Trust Advisors LP increased its stake in shares of Mueller Industries by 0.6% during the first quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock valued at $619,839,000 after purchasing an additional 33,248 shares in the last quarter. William Blair Investment Management LLC bought a new position in shares of Mueller Industries during the second quarter valued at approximately $244,156,000. Bank of New York Mellon Corp bought a new position in shares of Mueller Industries during the second quarter valued at approximately $131,286,000. Finally, Jupiter Topco LLC purchased a new position in shares of Mueller Industries during the second quarter valued at approximately $95,120,000. 94.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MLI has been the subject of several recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Freedom Broker cut their price target on Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Wall Street Zen raised Mueller Industries from a “hold” rating to a “buy” rating in a report on Sunday, November 1st. Finally, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, July 16th. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $75.50.

Mueller Industries Trading Up 3.6%

Shares of NYSE:MLI opened at $54.88 on Tuesday. The stock has a 50 day moving average of $59.30 and a 200 day moving average of $61.92. The company has a market cap of $11.96 billion, a PE ratio of 14.07 and a beta of 1.01. Mueller Industries, Inc. has a 12-month low of $52.00 and a 12-month high of $71.12.

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

Mueller Industries Announces Dividend

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

Insider Buying and Selling

In other news, Director John Hansen sold 2,000 shares of the stock in a transaction on 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 directly owned 179,078 shares of the company’s stock, valued at $9,920,921.20. This represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.30% of the company’s stock.

Mueller Industries Company 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.