Millington Financial Advisors LLC has reduced its stake in Mueller Industries, Inc. (NYSE: MLI) by 5.3% during the second quarter of 2023, as disclosed in the firm’s recent Form 13F filing with the United States Securities and Exchange Commission (SEC). Following the sale of 1,848 shares, Millington now holds 33,053 shares of the industrial products company, which constitutes approximately 1.5% of its overall investment portfolio. As of the end of the reporting period, these holdings were valued at approximately $2.879 million, making Mueller Industries the firm’s 19th largest holding.
A number of other institutional investors have also adjusted their positions in Mueller Industries recently. Brooklyn Investment Group significantly increased its holdings by 267.3% in the first quarter, now owning 382 shares worth about $29,000 after acquiring an additional 278 shares. Additionally, Rise Advisors LLC and the Employees Retirement System of Texas both purchased new positions in the company, valued at $30,000 and $34,000, respectively. Maseco LLP and Northwestern Mutual Wealth Management Co. also made new acquisitions, with stakes worth $40,000 each. Collectively, institutional investors own approximately 94.5% of Mueller Industries’ stock.
Insider Transactions and Market Performance
In related developments, notable insider transactions have occurred at Mueller Industries. On November 25, 2023, Director Scott Jay Goldman sold 4,234 shares at an average price of $108.64, totaling $459,981.76. This sale reduced his direct ownership to 41,745 shares, valued at approximately $4.535 million. Similarly, Director John B. Hansen sold 1,000 shares on October 23, 2023, for around $105,710, which decreased his stake to 91,664 shares, valued at about $9.69 million. Over the last three months, insiders have sold a total of 355,234 shares, amounting to $36.945 million. Currently, insiders hold 2.70% of the company’s stock.
Mueller Industries has seen some fluctuation in stock performance, recently reporting a 0.4% decline. The company released its quarterly earnings on October 21, 2023, reporting earnings per share (EPS) of $1.88, falling short of the consensus estimate of $1.99 by $0.11. Despite this, the company achieved a net margin of 18.1% and a return on equity of 25.02%. Revenue for the quarter was reported at $1.08 billion, exceeding analyst expectations of $942 million and reflecting an 8.0% increase year-over-year.
Dividend Announcement and Analyst Ratings
Mueller Industries has also announced a quarterly dividend of $0.25 per share, scheduled for payment on December 19, 2023. Shareholders of record on December 5 will receive this dividend, which equates to an annualized rate of $1.00 and a dividend yield of 0.9%. The company’s dividend payout ratio stands at 14.93%.
In terms of market outlook, Weiss Ratings reaffirmed a “buy (B)” rating on Mueller Industries shares in a report published on October 8, 2023. Currently, two research analysts have issued buy ratings for the stock, with an average target price of $105.00, according to MarketBeat.com.
Mueller Industries, Inc. is known for manufacturing and selling copper, brass, aluminum, and plastic products across various countries, including the United States, the United Kingdom, Canada, South Korea, and several others. The company operates through three segments: Piping Systems, Industrial Metals, and Climate.
