Curated Wealth Partners LLC Acquires New Stake in Mueller Industries, Inc. $MLI

Curated Wealth Partners LLC purchased a new stake in Mueller Industries, Inc. (NYSE:MLI) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,072 shares of the industrial products company’s stock, valued at approximately $610,000.

Several other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Mueller Industries during the second quarter valued at $1,437,555,000. First Trust Advisors LP grew its position in Mueller Industries by 0.6% in the 1st quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock valued at $619,839,000 after buying an additional 33,248 shares in the last quarter. William Blair Investment Management LLC acquired a new position in shares of Mueller Industries during the second quarter valued at approximately $244,156,000. Pictet Asset Management Holding SA lifted its holdings in shares of Mueller Industries by 136.5% in the first quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock valued at $185,561,000 after buying an additional 966,840 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in shares of Mueller Industries during the 2nd quarter valued at about $131,286,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Activity

In other Mueller Industries news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was 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. This trade represents a 2.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory Christopher sold 200,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was 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 $109,425,294. This represents a 11.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 275,444 shares of company stock worth $18,885,398 over the last three months. 2.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday. Northcoast Research raised 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. Finally, Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Two investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat, Mueller Industries currently has a consensus rating of “Buy” and a consensus target price of $75.00.

Mueller Industries Price Performance

Shares of Mueller Industries stock opened at $60.13 on Friday. Mueller Industries, Inc. has a one year low of $48.79 and a one year high of $71.12. The stock’s 50-day moving average is $62.35 and its 200-day moving average is $63.47. The firm has a market cap of $13.30 billion, a price-to-earnings ratio of 15.66 and a beta of 1.08.

Mueller Industries (NYSE:MLI) last posted 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. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the business earned $1.96 EPS. The firm’s revenue for the quarter was up 25.5% on a year-over-year basis.

Mueller Industries Dividend Announcement

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

About Mueller Industries

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.