Mueller Industries, Inc. $MLI Stock Acquired by United Capital Management of KS Inc.

United Capital Management of KS Inc. increased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 103.5% during the third quarter, HoldingsChannel reports. The firm owned 175,157 shares of the industrial products company’s stock after buying an additional 89,092 shares during the period. United Capital Management of KS Inc.’s holdings in Mueller Industries were worth $10,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MLI. BlackRock Inc. purchased a new position in shares of Mueller Industries in the 2nd quarter worth $1,437,555,000. First Trust Advisors LP increased its position in Mueller Industries by 0.6% during the first quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock valued at $619,839,000 after acquiring an additional 33,248 shares during the last quarter. William Blair Investment Management LLC bought a new position in Mueller Industries in the second quarter valued at about $244,156,000. Allspring Global Investments Holdings LLC lifted its holdings in Mueller Industries by 97.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,363,538 shares of the industrial products company’s stock valued at $206,252,000 after acquiring an additional 1,659,240 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Mueller Industries in the second quarter valued at about $131,286,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Activity

In other news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction dated 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 trade represents a 2.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Hansen sold 2,000 shares of Mueller Industries stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $55.40, for a total value of $110,800.00. Following the transaction, the director directly owned 179,078 shares in the company, valued at approximately $9,920,921.20. The trade was a 1.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.30% of the stock is owned by company insiders.

Mueller Industries Price Performance

Shares of MLI stock opened at $54.88 on Tuesday. The company has a market cap of $11.96 billion, a price-to-earnings ratio of 14.07 and a beta of 1.01. Mueller Industries, Inc. has a 1 year low of $52.00 and a 1 year high of $71.12. The firm has a fifty day moving average price of $59.30 and a 200-day moving average price of $61.92.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 20th. The industrial products company reported $1.00 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 company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period in the prior year, the business 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be given a $0.1750 dividend. The ex-dividend date is Friday, December 4th. This represents a $0.70 dividend on an annualized basis and a yield of 1.3%. Mueller Industries’s dividend payout ratio is presently 17.95%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen upgraded Mueller Industries from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. 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 report on Thursday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, October 15th. Finally, Freedom Broker lowered their price objective on shares of Mueller Industries from $80.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Three analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $75.50.

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and markets products used in plumbing, heating, ventilation and air conditioning (HVAC), refrigeration, and industrial applications. Its products include copper tube and fittings, valves, line sets, brass rod and forgings, and plastic plumbing products.

The company serves customers across a range of markets, including construction, HVAC and refrigeration, automotive, and industrial manufacturing. Its operations and sales reach North America and international markets, including Europe and Asia.

Founded in 1917, Mueller Industries is headquartered in Collierville, Tennessee.