9,515 Shares in Mueller Industries, Inc. $MLI Purchased by Fortress Financial Solutions LLC

Fortress Financial Solutions LLC acquired a new position in Mueller Industries, Inc. (NYSE:MLI) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,515 shares of the industrial products company’s stock, valued at approximately $577,000.

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

Insider Buying and Selling

In related news, Director John Hansen sold 1,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the director directly owned 29,000 shares of the company’s stock, valued at $1,975,770. This represents a 3.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Goldman sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following the completion of the transaction, the director directly owned 79,734 shares of the company’s stock, valued at $5,109,354.72. This trade represents a 2.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 275,444 shares of company stock worth $18,885,398 over the last 90 days. 2.30% of the stock is owned by insiders.

Mueller Industries Stock Down 1.3%

NYSE MLI traded down $0.81 during trading hours on Wednesday, hitting $60.70. 1,191,194 shares of the company were exchanged, compared to its average volume of 1,514,363. The company has a 50 day moving average of $62.88 and a two-hundred day moving average of $63.41. Mueller Industries, Inc. has a 52-week low of $48.79 and a 52-week high of $71.12. The firm has a market cap of $13.43 billion, a price-to-earnings ratio of 15.81 and a beta of 1.08.

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

Mueller Industries Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.