Wellington Management Group LLP Buys New Holdings in Mueller Industries, Inc. $MLI

Wellington Management Group LLP purchased a new position in Mueller Industries, Inc. (NYSE:MLI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,599 shares of the industrial products company’s stock, valued at approximately $1,918,000.

A number of other institutional investors also recently added to or reduced their stakes in MLI. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Mueller Industries during the 2nd quarter valued at about $29,000. Arlington Trust Co LLC bought a new position in shares of Mueller Industries in the second quarter valued at approximately $30,000. NBT Bank N A NY boosted its holdings in shares of Mueller Industries by 148.7% in the 1st quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 171 shares in the last quarter. Western Pacific Wealth Management LP bought a new stake in Mueller Industries during the 1st quarter worth approximately $34,000. Finally, Brown Brothers Harriman & Co. acquired a new stake in Mueller Industries during the 4th quarter valued at $34,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Mueller Industries

In related news, Director Scott Goldman sold 2,000 shares of the business’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 transaction, the director directly owned 79,734 shares in the company, valued at approximately $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gregory Christopher sold 200,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 1,598,850 shares in the company, valued at $109,425,294. This represents a 11.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 275,444 shares of company stock valued at $18,885,398. Insiders own 2.30% of the company’s stock.

Mueller Industries Trading Down 5.7%

Shares of Mueller Industries stock opened at $60.09 on Friday. The stock’s fifty day simple moving average is $62.99 and its 200 day simple moving average is $62.81. The company has a market capitalization of $13.29 billion, a PE ratio of 15.65 and a beta of 1.10. Mueller Industries, Inc. has a 12 month low of $48.26 and a 12 month high of $71.12.

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

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.70 annualized dividend and a yield of 1.2%. Mueller Industries’s dividend payout ratio is 18.23%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MLI shares. Wall Street Zen lowered Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, July 16th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries has a consensus rating of “Buy” and an average price target of $75.00.

About Mueller Industries

Mueller Industries, Inc is a manufacturer of copper, brass, aluminum, steel and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, construction and industrial applications. The company serves wholesale distributors, original equipment manufacturers and other industrial customers.

Its product portfolio includes copper tube and fittings, brass rod and forgings, valves, plumbing components, plastic pipe and fittings, aluminum extrusions, refrigeration components and other engineered metal products.