9,248 Mueller Industries, Inc. $MLI Shares Bought by Summit Global Investments

Summit Global Investments lifted its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 91.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,348 shares of the industrial products company’s stock after acquiring an additional 9,248 shares during the period. Summit Global Investments’ holdings in Mueller Industries were worth $1,173,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. State of Wyoming increased its stake in shares of Mueller Industries by 138.7% in the 3rd quarter. State of Wyoming now owns 6,589 shares of the industrial products company’s stock valued at $399,000 after purchasing an additional 3,829 shares during the last quarter. Glenview Trust Co lifted its position in shares of Mueller Industries by 100.0% during the 3rd quarter. Glenview Trust Co now owns 7,542 shares of the industrial products company’s stock worth $457,000 after buying an additional 3,771 shares during the last quarter. Parcion Private Wealth LLC boosted its stake in Mueller Industries by 93.1% in the third quarter. Parcion Private Wealth LLC now owns 8,076 shares of the industrial products company’s stock valued at $489,000 after buying an additional 3,893 shares in the last quarter. Soltis Investment Advisors LLC boosted its stake in Mueller Industries by 375.5% in the third quarter. Soltis Investment Advisors LLC now owns 14,178 shares of the industrial products company’s stock valued at $859,000 after buying an additional 11,196 shares in the last quarter. Finally, Childress Capital Advisors LLC boosted its stake in Mueller Industries by 107.8% in the third quarter. Childress Capital Advisors LLC now owns 6,006 shares of the industrial products company’s stock valued at $364,000 after buying an additional 3,116 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Activity

In other news, Director John Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total transaction of $68,130.00. Following the sale, the director directly owned 29,000 shares of the company’s stock, valued at approximately $1,975,770. This trade represents a 3.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 sale, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 275,444 shares of company stock valued at $18,885,398. 2.30% of the stock is currently owned by corporate insiders.

Mueller Industries Stock Performance

Shares of MLI opened at $54.49 on Monday. Mueller Industries, Inc. has a 52 week low of $52.00 and a 52 week high of $71.12. The stock has a market capitalization of $11.88 billion, a price-to-earnings ratio of 13.97 and a beta of 1.01. The stock has a fifty day moving average of $60.36 and a 200-day moving average of $62.25.

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

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.1750 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.70 annualized dividend and a yield of 1.3%. Mueller Industries’s dividend payout ratio (DPR) is currently 17.95%.

Analyst Ratings Changes

A number of research analysts have issued reports on MLI shares. 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. Wall Street Zen raised shares of Mueller Industries from a “hold” rating to a “buy” rating in a report on Sunday. Freedom Broker reduced their price target 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, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $75.50.

About Mueller Industries

Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.

The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.