Mueller Industries, Inc. $MLI Shares Purchased by CoreCap Advisors LLC

CoreCap Advisors LLC boosted its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 119.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 115,861 shares of the industrial products company’s stock after purchasing an additional 63,164 shares during the quarter. CoreCap Advisors LLC owned approximately 0.05% of Mueller Industries worth $7,022,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Mueller Industries during the second quarter worth approximately $1,437,555,000. William Blair Investment Management LLC purchased a new position in Mueller Industries in the second quarter worth approximately $244,156,000. Bank of New York Mellon Corp acquired a new position in Mueller Industries during the 2nd quarter worth approximately $131,286,000. Pictet Asset Management Holding SA grew its holdings in Mueller Industries by 136.5% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock worth $185,561,000 after acquiring an additional 966,840 shares in the last quarter. Finally, Jupiter Topco LLC purchased a new stake in shares of Mueller Industries in the 2nd quarter valued at approximately $95,120,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Price Performance

Shares of Mueller Industries stock traded up $0.34 during trading hours on Thursday, hitting $60.56. The company had a trading volume of 1,311,334 shares, compared to its average volume of 1,525,805. The company’s 50-day moving average is $63.37 and its two-hundred day moving average is $63.24. Mueller Industries, Inc. has a twelve month low of $48.26 and a twelve month high of $71.12. The company has a market cap of $13.40 billion, a P/E ratio of 15.77 and a beta of 1.08.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 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 firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the business earned $1.96 EPS. Mueller Industries’s revenue for the quarter was up 25.5% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were issued a dividend of $0.1750 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.2%. Mueller Industries’s dividend payout ratio (DPR) is presently 18.23%.

Wall Street Analyst Weigh In

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

Insider Transactions at Mueller Industries

In other news, Director John Hansen sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total value of $68,130.00. Following the completion of the sale, the director directly owned 29,000 shares of the company’s stock, valued at approximately $1,975,770. The trade was a 3.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gregory Christopher sold 200,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total value of $13,688,000.00. Following the completion of the sale, the chief executive officer directly owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 275,444 shares of company stock worth $18,885,398. Corporate insiders own 2.30% of the company’s stock.

Mueller Industries Profile

Mueller Industries, Inc manufactures and distributes products made from copper, brass, aluminum, steel and plastic. Its product portfolio includes copper and plastic pipe, fittings, valves, plumbing components, refrigeration and air-conditioning tubing, heat-transfer products, and other fabricated metal products.

The company serves residential, commercial, industrial and infrastructure markets. Its products are used in plumbing, heating, ventilation and air-conditioning systems, refrigeration, fire protection, water distribution, and various industrial applications.