AXQ Capital LP Increases Position in Mueller Industries, Inc. $MLI

AXQ Capital LP increased its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 243.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 15,811 shares of the industrial products company’s stock after buying an additional 11,214 shares during the quarter. AXQ Capital LP’s holdings in Mueller Industries were worth $1,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Activest Wealth Management purchased a new stake in shares of Mueller Industries during the fourth quarter valued at $27,000. JFS Wealth Advisors LLC grew its holdings in shares of Mueller Industries by 121.1% during the third quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock valued at $25,000 after buying an additional 138 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Mueller Industries by 228.7% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock valued at $31,000 after buying an additional 215 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Mueller Industries during the third quarter valued at $46,000. Finally, Trust Co. of Vermont purchased a new stake in shares of Mueller Industries during the fourth quarter valued at $52,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mueller Industries

In related news, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the completion of the transaction, the chief executive officer owned 804,911 shares in the company, valued at $110,506,231.19. This represents a 11.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Mueller Industries Stock Down 1.9%

MLI stock opened at $126.21 on Tuesday. The company’s 50-day simple moving average is $126.31 and its 200-day simple moving average is $120.77. Mueller Industries, Inc. has a 52-week low of $72.16 and a 52-week high of $141.51. The firm has a market cap of $13.96 billion, a P/E ratio of 16.52 and a beta of 1.09.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.67. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period in the prior year, the company posted $1.39 EPS. The company’s revenue for the quarter was up 19.3% on a year-over-year basis.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, June 5th. Mueller Industries’s dividend payout ratio is 18.32%.

Wall Street Analyst Weigh In

Several research firms have commented on MLI. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. Northcoast Research lowered shares of Mueller Industries from a “buy” rating to a “neutral” rating in a report on Thursday, May 28th. Finally, Wall Street Zen lowered shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Mueller Industries Profile

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.