AdvisorShares Investments LLC Acquires Shares of 88,640 Mueller Industries, Inc. (NYSE:MLI)

AdvisorShares Investments LLC purchased a new position in Mueller Industries, Inc. (NYSE:MLI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 88,640 shares of the industrial products company’s stock, valued at approximately $7,034,000. Mueller Industries accounts for 1.4% of AdvisorShares Investments LLC’s investment portfolio, making the stock its 18th largest position. AdvisorShares Investments LLC owned approximately 0.08% of Mueller Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Barclays PLC boosted its position in shares of Mueller Industries by 343.9% during the 3rd quarter. Barclays PLC now owns 197,206 shares of the industrial products company’s stock worth $14,613,000 after acquiring an additional 152,780 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Mueller Industries in the 3rd quarter valued at $278,000. Westside Investment Management Inc. acquired a new stake in Mueller Industries in the third quarter valued at about $41,000. World Investment Advisors LLC bought a new position in Mueller Industries in the third quarter valued at about $2,166,000. Finally, Franklin Resources Inc. boosted its stake in shares of Mueller Industries by 6.7% in the 3rd quarter. Franklin Resources Inc. now owns 69,102 shares of the industrial products company’s stock valued at $5,073,000 after purchasing an additional 4,360 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the sale, the director now directly owns 56,098 shares in the company, valued at approximately $4,477,181.38. This trade represents a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.70% of the company’s stock.

Mueller Industries Price Performance

MLI opened at $72.79 on Tuesday. Mueller Industries, Inc. has a fifty-two week low of $53.53 and a fifty-two week high of $96.81. The company’s 50 day moving average price is $76.43 and its two-hundred day moving average price is $79.91. The firm has a market capitalization of $8.05 billion, a price-to-earnings ratio of 13.71 and a beta of 0.96.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.08. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $1 billion.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date was Friday, March 14th. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s dividend payout ratio is currently 18.21%.

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.