Sanctuary Advisors LLC Grows Position in Mueller Industries, Inc. (NYSE:MLI)

Sanctuary Advisors LLC grew its stake in Mueller Industries, Inc. (NYSE:MLI) by 27.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,373 shares of the industrial products company’s stock after buying an additional 2,918 shares during the quarter. Sanctuary Advisors LLC’s holdings in Mueller Industries were worth $991,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MLI. State Street Corp boosted its holdings in Mueller Industries by 3.2% in the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock worth $329,830,000 after buying an additional 139,406 shares during the period. LSV Asset Management boosted its stake in shares of Mueller Industries by 44.1% in the second quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock worth $119,271,000 after acquiring an additional 641,114 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Mueller Industries by 27.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock worth $108,907,000 after purchasing an additional 315,490 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Mueller Industries by 0.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,176,468 shares of the industrial products company’s stock valued at $66,988,000 after purchasing an additional 7,756 shares during the period. Finally, FMR LLC lifted its holdings in Mueller Industries by 2.6% in the 3rd quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock worth $79,039,000 after purchasing an additional 27,399 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.

Analysts Set New Price Targets

Separately, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective for the company in a report on Wednesday, December 11th.

Mueller Industries Stock Up 0.9 %

MLI opened at $80.18 on Monday. The company has a market capitalization of $9.12 billion, a PE ratio of 15.57 and a beta of 0.99. The firm has a 50-day simple moving average of $83.08 and a two-hundred day simple moving average of $71.50. Mueller Industries, Inc. has a 52 week low of $44.39 and a 52 week high of $96.81.

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

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.00%. The ex-dividend date was Friday, December 6th. Mueller Industries’s dividend payout ratio is presently 15.53%.

Insider Activity at Mueller Industries

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

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.