Mueller Industries, Inc. $MLI Position Boosted by BankPlus Trust Department

BankPlus Trust Department increased its position in Mueller Industries, Inc. (NYSE:MLI) by 67.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,661 shares of the industrial products company’s stock after purchasing an additional 4,296 shares during the period. BankPlus Trust Department’s holdings in Mueller Industries were worth $1,078,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new position in Mueller Industries during the 2nd quarter worth approximately $127,287,000. Qube Research & Technologies Ltd bought a new position in Mueller Industries during the second quarter worth $75,901,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Mueller Industries during the second quarter worth $54,751,000. Cubist Systematic Strategies LLC acquired a new position in Mueller Industries in the second quarter worth $36,974,000. Finally, AQR Capital Management LLC increased 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 purchasing an additional 451,261 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Activity

In related news, CEO Gregory L. Christopher sold 158,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 1,119,241 shares in the company, valued at $116,759,221.12. This represents a 12.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Scott Jay Goldman sold 4,234 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following 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 position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 355,234 shares of company stock valued at $36,944,652. Company insiders own 2.70% of the company’s stock.

Mueller Industries Trading Down 0.2%

NYSE MLI opened at $118.08 on Friday. The company has a 50-day moving average price of $109.50 and a two-hundred day moving average price of $97.10. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $118.91. The stock has a market cap of $13.11 billion, a price-to-earnings ratio of 17.62 and a beta of 1.04.

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

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given 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 was Friday, December 5th. Mueller Industries’s payout ratio is 14.93%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy”.

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.