Vanguard Group Inc. Raises Holdings in Mueller Industries, Inc. $MLI

Vanguard Group Inc. increased its position in Mueller Industries, Inc. (NYSE:MLI) by 2.5% in the 4th quarter, Holdings Channel reports. The firm owned 10,515,780 shares of the industrial products company’s stock after buying an additional 260,306 shares during the period. Vanguard Group Inc. owned approximately 0.09% of Mueller Industries worth $1,207,212,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP grew its position in shares of Mueller Industries by 3.0% during the third quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock worth $570,176,000 after acquiring an additional 166,218 shares during the last quarter. AQR Capital Management LLC raised its position in Mueller Industries by 181.4% in the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock valued at $261,439,000 after purchasing an additional 1,666,891 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Mueller Industries by 4.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,426,608 shares of the industrial products company’s stock worth $283,452,000 after purchasing an additional 96,440 shares during the period. UBS Group AG boosted its stake in Mueller Industries by 837.0% during the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock worth $129,819,000 after purchasing an additional 1,146,919 shares during the period. Finally, Bank of America Corp DE grew its position in Mueller Industries by 61.3% during the 3rd quarter. Bank of America Corp DE now owns 1,183,143 shares of the industrial products company’s stock worth $119,628,000 after purchasing an additional 449,619 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $133.08 on Friday. The firm has a market capitalization of $14.71 billion, a P/E ratio of 17.42 and a beta of 1.13. Mueller Industries, Inc. has a one year low of $72.16 and a one year high of $139.68. The company’s fifty day moving average is $118.32 and its two-hundred day moving average is $116.19.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.67. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the firm posted $1.39 EPS. The business’s revenue was up 19.3% compared to the same quarter last year.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, March 13th. Mueller Industries’s dividend payout ratio is 18.32%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Wall Street Zen upgraded shares of Mueller Industries from a “hold” rating to a “strong-buy” rating in a research note on Saturday, April 25th. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Mueller Industries currently has a consensus rating of “Buy”.

Insider Buying and Selling at Mueller Industries

In other news, Director Scott Jay Goldman sold 4,430 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $118.97, for a total transaction of $527,037.10. Following the sale, the director owned 41,645 shares of the company’s stock, valued at $4,954,505.65. The trade was a 9.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the completion of the sale, the chief executive officer owned 804,911 shares in the company, valued at approximately $110,506,231.19. This represents a 11.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 108,696 shares of company stock valued at $14,821,136. Corporate insiders own 2.30% of the company’s stock.

Mueller Industries Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.