Mueller Industries, Inc. $MLI Stock Bought by Westover Capital Advisors LLC

Westover Capital Advisors LLC boosted its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 75.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,887 shares of the industrial products company’s stock after purchasing an additional 10,708 shares during the quarter. Westover Capital Advisors LLC’s holdings in Mueller Industries were worth $1,508,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of MLI. BlackRock Inc. bought a new position in shares of Mueller Industries during the 2nd quarter worth $1,437,555,000. First Trust Advisors LP raised its holdings in shares of Mueller Industries by 0.6% in 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 in the last quarter. William Blair Investment Management LLC bought a new stake in shares of Mueller Industries in the second quarter valued at about $244,156,000. Pictet Asset Management Holding SA lifted its stake in Mueller Industries by 136.5% in the first quarter. Pictet Asset Management Holding SA now owns 1,674,939 shares of the industrial products company’s stock worth $185,561,000 after acquiring an additional 966,840 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Mueller Industries in the second quarter worth about $131,286,000. 94.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, October 15th. 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. Wall Street Zen downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Freedom Broker dropped 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 research analysts have rated the stock with a Buy rating. According to MarketBeat.com, Mueller Industries presently has a consensus rating of “Buy” and an average price target of $75.50.

Insiders Place Their Bets

In other news, Director Scott Goldman sold 2,000 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $64.08, for a total value of $128,160.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hansen sold 2,444 shares of Mueller Industries 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 completion of the transaction, the director directly owned 181,328 shares in the company, valued at approximately $12,279,532.16. The trade was a 1.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 275,444 shares of company stock worth $18,885,398. 2.30% of the stock is owned by corporate insiders.

Mueller Industries Trading Up 0.7%

MLI opened at $54.48 on Tuesday. The firm has a market cap of $11.87 billion, a price-to-earnings ratio of 13.97 and a beta of 1.08. Mueller Industries, Inc. has a 12 month low of $51.20 and a 12 month high of $71.12. The stock has a fifty day moving average price of $61.07 and a 200-day moving average price of $62.37.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, October 20th. The industrial products company reported $1.00 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter last year, the company earned $1.88 earnings per share. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were issued a $0.1750 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.70 dividend on an annualized basis and a yield of 1.3%. Mueller Industries’s payout ratio is currently 17.95%.

Mueller Industries Profile

Mueller Industries, Inc is a manufacturer of metal and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, fire protection, water distribution, and industrial applications. Its product portfolio includes copper, brass, aluminum, and steel tubing; fittings; valves; copper and plastic piping systems; and related components.

The company sells products primarily through wholesale distributors, original equipment manufacturers, building-supply outlets, and other industrial channels.