Catalyst Funds Management Pty Ltd Raises Holdings in Mueller Industries, Inc. $MLI

Catalyst Funds Management Pty Ltd boosted its stake in Mueller Industries, Inc. (NYSE:MLI) by 670.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,900 shares of the industrial products company’s stock after purchasing an additional 29,500 shares during the period. Mueller Industries comprises 0.7% of Catalyst Funds Management Pty Ltd’s investment portfolio, making the stock its 22nd largest position. Catalyst Funds Management Pty Ltd’s holdings in Mueller Industries were worth $2,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brooklyn Investment Group increased its stake in shares of Mueller Industries by 267.3% in the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock worth $29,000 after buying an additional 278 shares during the period. Rise Advisors LLC bought a new stake in Mueller Industries in the 1st quarter worth $30,000. Maseco LLP purchased a new position in shares of Mueller Industries in the second quarter valued at about $40,000. Dagco Inc. bought a new position in shares of Mueller Industries during the first quarter valued at about $77,000. Finally, Ridgewood Investments LLC purchased a new stake in shares of Mueller Industries during the first quarter worth about $78,000. Institutional investors own 94.50% of the company’s stock.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total transaction of $105,710.00. Following the completion of the transaction, the director owned 91,664 shares of the company’s stock, valued at approximately $9,689,801.44. This trade represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gregory L. Christopher sold 158,000 shares of the company’s stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the completion of the sale, the chief executive officer directly owned 1,119,241 shares in the company, valued at $116,759,221.12. This represents a 12.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 351,000 shares of company stock valued at $36,484,670. 2.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

Mueller Industries Price Performance

Shares of NYSE MLI opened at $106.89 on Thursday. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $109.90. The stock has a market capitalization of $11.87 billion, a P/E ratio of 15.95 and a beta of 1.04. The company’s 50-day moving average is $102.47 and its 200 day moving average is $90.41.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, October 21st. The industrial products company reported $1.88 EPS 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 analysts’ expectations of $942.00 million. During the same quarter last year, the business earned $1.48 earnings per share. The business’s quarterly revenue was up 8.0% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Friday, December 5th. Mueller Industries’s dividend payout ratio is presently 14.93%.

About Mueller Industries

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.