Mueller Industries, Inc. $MLI Stake Boosted by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC boosted its holdings in Mueller Industries, Inc. (NYSE:MLI) by 375.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,178 shares of the industrial products company’s stock after acquiring an additional 11,196 shares during the quarter. Soltis Investment Advisors LLC’s holdings in Mueller Industries were worth $859,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MLI. BlackRock Inc. bought a new stake in shares of Mueller Industries during the 2nd quarter valued at about $1,437,555,000. William Blair Investment Management LLC purchased a new position in shares of Mueller Industries during the second quarter worth about $244,156,000. Bank of New York Mellon Corp purchased a new position in shares of Mueller Industries during the second quarter worth about $131,286,000. Jupiter Topco LLC bought a new position in shares of Mueller Industries in the second quarter worth approximately $95,120,000. Finally, Caisse de depot et placement du Quebec bought a new position in shares of Mueller Industries in the second quarter worth approximately $76,653,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Mueller Industries from a “hold” rating to a “buy” rating in a research note on Sunday. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Thursday, July 16th. Freedom Broker decreased their price target on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, October 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, October 15th. Three equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $75.50.

Mueller Industries Stock Down 2.3%

NYSE MLI opened at $54.49 on Friday. The stock’s 50-day simple moving average is $60.36 and its two-hundred day simple moving average is $62.25. Mueller Industries, Inc. has a twelve month low of $52.00 and a twelve month high of $71.12. The company has a market capitalization of $11.88 billion, a price-to-earnings ratio of 13.97 and a beta of 1.08.

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

Mueller Industries Dividend Announcement

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

Insider Buying and Selling

In related news, Director John Hansen sold 1,000 shares of the business’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 sale, the director owned 29,000 shares in the company, valued at $1,975,770. The trade was a 3.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Scott Goldman sold 2,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 79,734 shares of the company’s stock, valued at approximately $5,109,354.72. This represents a 2.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 275,444 shares of company stock worth $18,885,398 in the last quarter. 2.30% of the stock is owned by insiders.

Mueller Industries Company Profile

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.