13,906 Shares in Mueller Industries, Inc. $MLI Acquired by Corient Private Wealth LP

Corient Private Wealth LP bought a new position in Mueller Industries, Inc. (NYSE:MLI) in the second quarter, Holdings Channel.com reports. The fund bought 13,906 shares of the industrial products company’s stock, valued at approximately $1,709,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MLI. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Mueller Industries during the 2nd quarter valued at $29,000. Arlington Trust Co LLC bought a new position in Mueller Industries during the second quarter valued at about $30,000. NBT Bank N A NY grew its holdings in 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 acquiring an additional 171 shares during the period. Brown Brothers Harriman & Co. bought a new stake in Mueller Industries in the fourth quarter worth about $34,000. Finally, Western Pacific Wealth Management LP bought a new stake in Mueller Industries in the first quarter worth about $34,000. 94.50% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Mueller Industries news, CEO Gregory L. Christopher sold 200,000 shares of the firm’s stock in a transaction dated 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 $109,425,294. This trade represents a 11.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $68.13, for a total transaction of $68,130.00. Following the completion of the transaction, the director directly owned 29,000 shares in the company, valued at approximately $1,975,770. This trade represents a 3.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 275,444 shares of company stock worth $18,885,398. Company insiders own 2.30% of the company’s stock.

Mueller Industries Stock Up 1.3%

Shares of NYSE MLI opened at $62.86 on Friday. The stock has a market capitalization of $13.90 billion, a price-to-earnings ratio of 16.37 and a beta of 1.10. The stock’s fifty day simple moving average is $62.71 and its 200 day simple moving average is $62.68. Mueller Industries, Inc. has a 52-week low of $47.44 and a 52-week high of $71.12.

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

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.175 per share. This represents a $0.70 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, September 4th. Mueller Industries’s payout ratio is presently 18.23%.

Wall Street Analyst Weigh In

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

Mueller Industries Company Profile

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.