Hsbc Holdings PLC Buys New Holdings in Mueller Industries, Inc. $MLI

Hsbc Holdings PLC purchased a new position in Mueller Industries, Inc. (NYSE:MLI) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 23,958 shares of the industrial products company’s stock, valued at approximately $2,586,000.

Other large investors also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Mueller Industries in the 2nd quarter valued at $29,000. Arlington Trust Co LLC acquired a new position in shares of Mueller Industries during the second quarter worth $30,000. NBT Bank N A NY grew its stake in shares of Mueller Industries by 148.7% during the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 171 shares in the last quarter. Western Pacific Wealth Management LP purchased a new position in Mueller Industries in the first quarter valued at $34,000. Finally, Brown Brothers Harriman & Co. acquired a new stake in Mueller Industries in the fourth quarter valued at $34,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Mueller Industries news, Director Scott Jay Goldman sold 2,000 shares of Mueller Industries stock in a transaction that occurred 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 owned 79,734 shares of the company’s stock, valued at $5,109,354.72. The trade was a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John B. Hansen sold 2,444 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $67.72, for a total value of $165,507.68. Following the completion of the sale, the director owned 181,328 shares of the company’s stock, valued at approximately $12,279,532.16. This represents a 1.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have 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 Price Performance

Shares of NYSE:MLI opened at $62.79 on Monday. Mueller Industries, Inc. has a 12 month low of $47.11 and a 12 month high of $71.12. The firm has a market capitalization of $13.89 billion, a P/E ratio of 16.35 and a beta of 1.11. The company’s fifty day moving average price is $63.17 and its 200 day moving average price is $62.62.

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, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.27 billion. Mueller Industries had a net margin of 18.25% and a return on equity of 25.68%. Mueller Industries’s revenue for the quarter was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.96 earnings per share.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a dividend of $0.175 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, September 4th. Mueller Industries’s dividend payout ratio (DPR) is currently 18.23%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MLI shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Friday, July 17th. Wall Street Zen lowered Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Thursday, July 16th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $75.00.

About Mueller Industries

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.