Mueller Industries, Inc. $MLI Shares Purchased by BankPlus Trust Department

BankPlus Trust Department increased its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 15.1% during the 2nd quarter, Holdings Channel reports. The fund owned 6,365 shares of the industrial products company’s stock after purchasing an additional 834 shares during the quarter. BankPlus Trust Department’s holdings in Mueller Industries were worth $506,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MLI. Golden State Wealth Management LLC grew its holdings in Mueller Industries by 103.1% in the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 168 shares during the period. Brooklyn Investment Group grew its holdings in Mueller Industries by 267.3% in the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 278 shares during the period. Rise Advisors LLC acquired a new stake in Mueller Industries in the first quarter valued at approximately $30,000. Wayfinding Financial LLC acquired a new stake in Mueller Industries in the first quarter valued at approximately $34,000. Finally, Opal Wealth Advisors LLC acquired a new stake in Mueller Industries in the first quarter valued at approximately $40,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

Shares of Mueller Industries stock opened at $98.74 on Wednesday. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $102.75. The company has a market cap of $10.93 billion, a price-to-earnings ratio of 15.67 and a beta of 1.02. The business’s 50 day moving average price is $95.30 and its 200 day moving average price is $83.79.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.34. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.12 billion. The company’s quarterly revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were given a $0.25 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. Mueller Industries’s payout ratio is currently 15.87%.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $105.00.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the sale, the director owned 92,664 shares in the company, valued at $8,522,308.08. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.70% of the stock is owned by corporate insiders.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.