Mueller Industries, Inc. $MLI Stock Purchased by Ritholtz Wealth Management

Ritholtz Wealth Management lifted its position in Mueller Industries, Inc. (NYSE:MLI) by 89.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 175,970 shares of the industrial products company’s stock after purchasing an additional 82,900 shares during the period. Ritholtz Wealth Management’s holdings in Mueller Industries were worth $10,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Alpine Bank Wealth Management purchased a new stake in Mueller Industries during the third quarter valued at $25,000. Activest Wealth Management lifted its holdings in Mueller Industries by 80.4% in the third quarter. Activest Wealth Management now owns 424 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 189 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Mueller Industries in the second quarter valued at about $29,000. Arlington Trust Co LLC bought a new position in Mueller Industries in the second quarter valued at about $30,000. Finally, Strengthening Families & Communities LLC boosted its position in Mueller Industries by 100.7% in the third quarter. Strengthening Families & Communities LLC now owns 570 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 286 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Mueller Industries

In other news, Director Scott Goldman sold 2,000 shares of the business’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the transaction, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Hansen sold 2,000 shares of the business’s stock in a transaction dated 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 transaction, the director owned 179,078 shares in the company, valued at $9,920,921.20. The trade was a 1.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is owned by company insiders.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $55.10 on Thursday. The stock has a market cap of $12.01 billion, a PE ratio of 14.13 and a beta of 1.01. Mueller Industries, Inc. has a 1 year low of $52.00 and a 1 year high of $71.12. The firm has a fifty day moving average price of $59.04 and a 200-day moving average price of $61.81.

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

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a dividend of $0.1750 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a $0.70 dividend on an annualized basis and a yield of 1.3%. Mueller Industries’s dividend payout ratio (DPR) is currently 17.95%.

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.