Oakmont Investment Advisors Inc. Invests $1.58 Million in Mueller Industries, Inc. $MLI

Oakmont Investment Advisors Inc. bought a new position in Mueller Industries, Inc. (NYSE:MLI) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,863 shares of the industrial products company’s stock, valued at approximately $1,581,000. Mueller Industries comprises 1.1% of Oakmont Investment Advisors Inc.’s portfolio, making the stock its 24th biggest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. TD Waterhouse Canada Inc. increased its holdings in Mueller Industries by 2.2% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 17,324 shares of the industrial products company’s stock worth $2,130,000 after purchasing an additional 367 shares in the last quarter. Barlow Wealth Partners LLC boosted its stake in shares of Mueller Industries by 82.9% during the second quarter. Barlow Wealth Partners LLC now owns 463,736 shares of the industrial products company’s stock valued at $57,007,000 after purchasing an additional 210,169 shares in the last quarter. Burford Brothers Inc. acquired a new stake in shares of Mueller Industries during the second quarter valued at about $209,000. Nykredit A S acquired a new position in shares of Mueller Industries in the second quarter valued at approximately $402,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Mueller Industries in the second quarter valued at approximately $656,000. 94.50% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Mueller Industries news, Director Scott Goldman sold 2,000 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the sale, the director directly owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gregory L. Christopher sold 200,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $68.44, for a total value of $13,688,000.00. Following the sale, the chief executive officer owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. The trade was a 11.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 275,444 shares of company stock valued at $18,885,398 over the last quarter. Insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

MLI has been the topic of several recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Northcoast Research upgraded 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. Finally, Wall Street Zen lowered shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $75.00.

Mueller Industries Price Performance

Shares of MLI opened at $63.76 on Friday. The business has a 50-day moving average of $62.70 and a 200-day moving average of $62.69. The company has a market capitalization of $14.10 billion, a price-to-earnings ratio of 16.60 and a beta of 1.10. Mueller Industries, Inc. has a 1 year low of $47.44 and a 1 year 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. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The firm’s revenue was up 25.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.96 earnings per share.

Mueller Industries Dividend Announcement

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

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.