Meritage Portfolio Management Reduces Stock Position in Mueller Industries, Inc. $MLI

Meritage Portfolio Management cut its holdings in Mueller Industries, Inc. (NYSE:MLI) by 4.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,756 shares of the industrial products company’s stock after selling 1,106 shares during the quarter. Meritage Portfolio Management’s holdings in Mueller Industries were worth $1,888,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Total Wealth Planning & Management Inc. grew its position in shares of Mueller Industries by 2.5% in the second quarter. Total Wealth Planning & Management Inc. now owns 5,948 shares of the industrial products company’s stock valued at $473,000 after purchasing an additional 144 shares during the last quarter. Contravisory Investment Management Inc. grew its position in shares of Mueller Industries by 6.2% in the second quarter. Contravisory Investment Management Inc. now owns 2,611 shares of the industrial products company’s stock valued at $207,000 after purchasing an additional 152 shares during the last quarter. Golden State Wealth Management LLC grew its position in shares of Mueller Industries by 103.1% in the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 168 shares during the last quarter. Rowlandmiller & PARTNERS.ADV grew its position in shares of Mueller Industries by 3.4% in the second quarter. Rowlandmiller & PARTNERS.ADV now owns 5,560 shares of the industrial products company’s stock valued at $442,000 after purchasing an additional 185 shares during the last quarter. Finally, Hohimer Wealth Management LLC boosted its position in Mueller Industries by 4.4% during the first quarter. Hohimer Wealth Management LLC now owns 4,463 shares of the industrial products company’s stock worth $340,000 after acquiring an additional 187 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

MLI opened at $96.88 on Monday. The company has a 50-day moving average of $96.08 and a 200-day moving average of $84.23. The company has a market capitalization of $10.72 billion, a P/E ratio of 15.38 and a beta of 1.02. Mueller Industries, Inc. has a 1-year low of $66.84 and a 1-year high of $102.75.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.34. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The company’s quarterly revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, September 5th. Mueller Industries’s dividend payout ratio is 15.87%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $105.00.

Insider Activity at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total value of $91,970.00. Following the completion of the sale, the director owned 92,664 shares in the company, valued at approximately $8,522,308.08. This represents a 1.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.70% of the company’s stock.

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.