On September 19, 2023, BTC Capital Management Inc. announced its acquisition of a new stake in Mueller Industries, Inc. (NYSE:MLI) during the second quarter. This information was revealed through the firm’s most recent filing with the Securities & Exchange Commission.
The firm obtained 6,148 shares of Mueller Industries’ stock, which were valued at approximately $540,000. This move strengthens BTC Capital Management Inc.’s position within the industrial products sector and reflects their confidence in Mueller Industries’ potential for growth and success.
However, it is important to note that StockNews.com recently downgraded Mueller Industries from a “buy” rating to a “hold” rating in a research note published on Tuesday. This development could impact investors’ perception of the company’s future performance and may warrant caution when making investment decisions.
Mueller Industries’ stock opened at $74.30 on Tuesday, with a market capitalization of $4.22 billion. The stock has demonstrated a price-to-earnings ratio of 6.52 and a beta value of 1.11. Over the past year, the company reached a 52-week low of $57.10 and a 52-week high of $91.93.
Furthermore, it is worth noting that the stock’s 50-day moving average price stands at $79.39, while its two-hundred-day moving average price is recorded as $77.11 according to recent data.
This information provides investors with valuable insight into Mueller Industries’ historical performance and current trading trends.
In conclusion, BTC Capital Management Inc.’s acquisition of a new stake in Mueller Industries reflects their belief in the company’s potential for growth within the industrial products sector. However, it is important for investors to consider factors such as recent downgrades by StockNews.com and fluctuating stock prices before making any investment decisions related to Mueller Industries’ stock.
The Toronto-Dominion Bank
TD
Strong Buy
Updated on: 29/09/2023
Very Healthy 
Mueller Industries Witnesses Significant Activity from Institutional Investors and Insiders; Receives Downgrade in Rating
Mueller Industries, a prominent industrial products company, has seen significant movement in its stock ownership by institutional investors. Point72 Hong Kong Ltd, for instance, recently acquired a new position in Mueller Industries during the second quarter with an investment of $40,000. Similarly, Federated Hermes Inc. raised its stake in the company by 54.9% during the third quarter and now owns 841 shares worth $50,000.
Dark Forest Capital Management LP and EMC Capital Management also made noteworthy moves by acquiring new positions in Mueller Industries. Dark Forest Capital Management LP purchased shares valued at approximately $52,000 during the fourth quarter, while EMC Capital Management invested around $84,000 in the same period.
First Manhattan CO. LLC., meanwhile, increased its stake in Mueller Industries by 25.0% during the first quarter with the purchase of an additional 300 shares, bringing their total ownership to 1,500 shares valued at $110,000. The addition of these institutional investors has contributed significantly to the overall ownership structure of Mueller Industries.
Overall, institutional investors and hedge funds currently own approximately 94.50% of Mueller Industries’ stock. This high level of institutional ownership is often seen as an indicator of investor confidence and can influence market sentiment regarding a company’s prospects.
In other news related to Mueller Industries, Director John B. Hansen recently sold 2,500 shares of the company’s stock in a transaction that took place on August 3rd. The sale was made at an average price of $78.33 per share and had a total value of $195,825. Following this transaction, Director Hansen now holds 59,681 shares with an estimated value of approximately $4,674,812.
It is important to note that regulatory filings with the Securities and Exchange Commission (SEC) have disclosed these transactions.
This disclosure reveals that company insiders own approximately 2.80% of Mueller Industries’ stock. This information can be useful to investors who want to assess the level of insider participation in the company’s operations and decision-making processes.
In other news, StockNews.com downgraded Mueller Industries from a “buy” rating to a “hold” rating in a recent research note. The reasons for this downgrade were not specified in the note, but it is common for analysts to make such changes based on various factors such as financial performance, industry trends, or market conditions.
Mueller Industries recently announced its quarterly earnings results, which exceeded analysts’ expectations. For the quarter ended July 25th, the company reported earnings per share (EPS) of $3.12 compared to the consensus estimate of $2.40, representing a positive surprise of $0.72 per share. However, the firm’s revenue for the same quarter was $897 million, lower than analysts’ expectation of $1.04 billion. The decline in revenue by 22% compared to last year raises concerns about potential challenges faced by Mueller Industries during this period.
Furthermore, Mueller Industries also declared a quarterly dividend that was paid on September 15th to shareholders of record on September 1st. The dividend amounted to $0.30 per share on an annualized basis, resulting in a dividend yield of 1.62%. This payout ratio reflects the portion of profits that Mueller Industries dedicates towards rewarding its shareholders through dividends.
In summary, Mueller Industries has experienced notable activity among institutional investors and hedge funds who have either increased or reduced their stakes in the company. Company insiders also made significant moves by selling portions of their holdings. These developments have occurred alongside regulatory filings, which indicate that approximately 94.50% of Mueller Industries’ stock is owned by institutional investors and hedge funds. Meanwhile, StockNews.com downgraded the company’s rating from “buy” to “hold” without elaborating on specific reasons behind this decision. Mueller Industries’ latest quarterly earnings report revealed impressive earnings per share figures, though revenue fell significantly compared to the previous year. Finally, the company declared a quarterly dividend that was paid to eligible shareholders.
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