Empowered Funds LLC Invests $10.63 Million in Mueller Industries, Inc. $MLI

Empowered Funds LLC purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) during the second quarter, Holdings Channel reports. The institutional investor purchased 172,922 shares of the industrial products company’s stock, valued at approximately $10,629,000.

Several other large investors have also recently bought and sold shares of MLI. Crossmark Global Holdings Inc. grew its stake in Mueller Industries by 337.1% during the 4th quarter. Crossmark Global Holdings Inc. now owns 28,977 shares of the industrial products company’s stock valued at $3,327,000 after acquiring an additional 22,347 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Mueller Industries by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 10,515,780 shares of the industrial products company’s stock valued at $1,207,212,000 after purchasing an additional 260,306 shares during the period. Horizon Investments LLC lifted its position in shares of Mueller Industries by 12.7% in the fourth quarter. Horizon Investments LLC now owns 72,199 shares of the industrial products company’s stock worth $8,288,000 after purchasing an additional 8,137 shares in the last quarter. JLB & Associates Inc. purchased a new stake in shares of Mueller Industries in the fourth quarter worth approximately $5,342,000. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Mueller Industries during the fourth quarter worth approximately $15,268,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Trading Down 0.6%

Shares of NYSE:MLI opened at $62.45 on Tuesday. The stock has a market capitalization of $13.81 billion, a PE ratio of 16.26 and a beta of 1.11. Mueller Industries, Inc. has a 1 year low of $47.11 and a 1 year high of $71.12. The firm has a fifty day moving average price of $63.02 and a 200 day moving average price of $62.64.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share 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 company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company earned $1.96 earnings per share. The business’s revenue was up 25.5% compared to the same quarter last year.

Mueller Industries Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently commented on MLI shares. Northcoast Research raised shares of 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. Wall Street Zen downgraded shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat, Mueller Industries presently has an average rating of “Buy” and an average target price of $75.00.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 2,444 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $67.72, for a total transaction of $165,507.68. Following the transaction, the director owned 181,328 shares in the company, valued at $12,279,532.16. This trade represents a 1.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Scott Jay Goldman sold 2,000 shares of the 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 transaction, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 275,444 shares of company stock valued at $18,885,398. Corporate insiders own 2.30% of the company’s stock.

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.