Ensign Peak Advisors Inc Purchases 2,361 Shares of Mueller Industries, Inc. $MLI

by · The Cerbat Gem

Ensign Peak Advisors Inc boosted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI – Free Report) by 4.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,069 shares of the industrial products company’s stock after purchasing an additional 2,361 shares during the period. Ensign Peak Advisors Inc’s holdings in Mueller Industries were worth $4,853,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MLI. Brooklyn Investment Group grew its holdings in shares of Mueller Industries by 267.3% during the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 278 shares during the period. Rise Advisors LLC purchased a new position in Mueller Industries in the 1st quarter worth approximately $30,000. Maseco LLP bought a new position in shares of Mueller Industries during the second quarter valued at $40,000. Dagco Inc. bought a new position in Mueller Industries during the 1st quarter valued at about $77,000. Finally, CWM LLC lifted its position in Mueller Industries by 27.8% during the first quarter. CWM LLC now owns 1,177 shares of the industrial products company’s stock valued at $90,000 after purchasing an additional 256 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Price Performance

Shares of NYSE MLI opened at $109.86 on Wednesday. The stock has a market cap of $12.20 billion, a PE ratio of 16.40 and a beta of 1.04. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $110.33. The firm has a fifty day moving average price of $103.14 and a 200-day moving average price of $91.44.

Mueller Industries (NYSE:MLI – Get Free Report) last issued its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share 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 firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $942.00 million. During the same period in the prior year, the company posted $1.48 EPS. The company’s quarterly revenue was up 8.0% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, December 5th. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. Mueller Industries’s dividend payout ratio (DPR) is currently 14.93%.

Analysts Set New Price Targets

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

Read Our Latest Research Report on MLI

Insider Buying and Selling

In other news, Director Scott Jay Goldman sold 4,234 shares of Mueller Industries stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total transaction of $459,981.76. Following the sale, the director owned 41,745 shares in the company, valued at $4,535,176.80. This trade represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hansen sold 1,000 shares of the business’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 directly owned 91,664 shares in the company, valued at $9,689,801.44. This trade represents a 1.08% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 355,234 shares of company stock valued at $36,944,652. Corporate insiders own 2.70% of the company’s stock.

Mueller Industries Company Profile

(Free Report)

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.

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