Brighton Jones LLC Purchases New Stake in Mueller Industries, Inc. $MLI

Brighton Jones LLC acquired a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) during the third quarter, Holdings Channel reports. The fund acquired 10,644 shares of the industrial products company’s stock, valued at approximately $1,076,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Mueller Industries in the 2nd quarter valued at about $127,287,000. Qube Research & Technologies Ltd acquired a new position in Mueller Industries in the second quarter worth about $75,901,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Mueller Industries in the second quarter valued at about $54,751,000. Cubist Systematic Strategies LLC acquired a new stake in Mueller Industries during the second quarter valued at approximately $36,974,000. Finally, AQR Capital Management LLC raised its stake in Mueller Industries by 329.0% during the first quarter. AQR Capital Management LLC now owns 588,428 shares of the industrial products company’s stock valued at $43,926,000 after buying an additional 451,261 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries presently has an average rating of “Buy”.

Mueller Industries Trading Up 1.5%

Shares of NYSE MLI opened at $119.09 on Thursday. Mueller Industries, Inc. has a 12-month low of $66.84 and a 12-month high of $118.91. The company has a market cap of $13.22 billion, a price-to-earnings ratio of 17.77 and a beta of 1.04. The stock’s 50 day simple moving average is $108.70 and its 200 day simple moving average is $96.53.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $1.99 by ($0.11). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $942.00 million. During the same period in the prior year, the business earned $1.48 earnings per share. Mueller Industries’s quarterly revenue was up 8.0% on a year-over-year basis.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, December 5th. Mueller Industries’s payout ratio is presently 14.93%.

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 4,234 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the completion of the transaction, the director directly owned 41,745 shares in the company, valued at approximately $4,535,176.80. The trade was a 9.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gregory L. Christopher sold 158,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total value of $16,482,560.00. Following the completion of the sale, the chief executive officer owned 1,119,241 shares in the company, valued at approximately $116,759,221.12. This represents a 12.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 355,234 shares of company stock worth $36,944,652. Insiders own 2.70% of the company’s stock.

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.