EP Wealth Advisors LLC Takes $245,000 Position in Mueller Industries, Inc. (NYSE:MLI)

EP Wealth Advisors LLC bought a new position in Mueller Industries, Inc. (NYSE:MLI) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,312 shares of the industrial products company’s stock, valued at approximately $245,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in Mueller Industries in the 2nd quarter worth approximately $26,000. Federated Hermes Inc. bought a new stake in Mueller Industries in the second quarter worth $28,000. GAMMA Investing LLC raised its stake in Mueller Industries by 36.0% during the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 146 shares in the last quarter. Larson Financial Group LLC lifted its position in Mueller Industries by 61.7% during the second quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 369 shares during the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of Mueller Industries in the 3rd quarter worth $64,000. 94.50% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price target for the company in a report on Wednesday.

Mueller Industries Stock Performance

Shares of Mueller Industries stock opened at $82.47 on Friday. The stock has a market cap of $9.38 billion, a price-to-earnings ratio of 16.01 and a beta of 0.99. The stock has a 50 day moving average price of $82.18 and a 200-day moving average price of $70.58. Mueller Industries, Inc. has a one year low of $44.03 and a one year high of $96.81.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.32 by $0.16. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The company had revenue of $997.80 million during the quarter, compared to analyst estimates of $936.00 million. Mueller Industries’s revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.80 annualized dividend and a yield of 0.97%. Mueller Industries’s payout ratio is 15.53%.

Insider Buying and Selling

In other news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total transaction of $83,090.00. Following the completion of the sale, the director now directly owns 94,914 shares of the company’s stock, valued at approximately $7,886,404.26. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of Mueller Industries stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the sale, the director now owns 17,733 shares of the company’s stock, valued at $1,632,145.32. The trade was a 45.83 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.

Mueller Industries Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.