Mueller Industries, Inc. $MLI Stake Raised by Sigma Planning Corp

Sigma Planning Corp grew its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 136.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,623 shares of the industrial products company’s stock after buying an additional 18,848 shares during the period. Sigma Planning Corp’s holdings in Mueller Industries were worth $1,977,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Mueller Industries during the second quarter valued at approximately $1,437,555,000. First Trust Advisors LP increased its holdings in Mueller Industries by 0.6% during the 1st quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock worth $619,839,000 after acquiring an additional 33,248 shares during the period. William Blair Investment Management LLC bought a new stake in Mueller Industries during the 2nd quarter worth approximately $244,156,000. Bank of New York Mellon Corp bought a new stake in Mueller Industries during the 2nd quarter worth approximately $131,286,000. Finally, Jupiter Topco LLC purchased a new stake in Mueller Industries in the 2nd quarter worth approximately $95,120,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Stock Up 0.9%

Shares of MLI opened at $54.84 on Wednesday. The firm’s 50 day simple moving average is $60.84 and its 200 day simple moving average is $62.34. Mueller Industries, Inc. has a 1-year low of $51.35 and a 1-year high of $71.12.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.08). The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the firm posted $1.88 EPS. Mueller Industries’s revenue was up 31.6% compared to the same quarter last year.

Mueller Industries Announces Dividend

The business also recently disclosed 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. The ex-dividend date was Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.3%.

Analyst Upgrades and Downgrades

Several research analysts have commented on MLI shares. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Wall Street Zen cut shares of Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday. 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 research report on Thursday, July 16th. Finally, Freedom Broker lowered their price objective on Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Three analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $75.50.

Insider Transactions at Mueller Industries

In related news, Director Scott Goldman sold 2,000 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $64.08, for a total value of $128,160.00. Following the transaction, the director owned 79,734 shares of the company’s stock, valued at $5,109,354.72. This represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory Christopher sold 200,000 shares of the stock in a transaction on 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 transaction, the chief executive officer directly owned 1,598,850 shares in the company, valued at approximately $109,425,294. This represents a 11.12% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 275,444 shares of company stock valued at $18,885,398. Insiders own 2.30% of the company’s stock.

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.