Convergence Investment Partners LLC Raises Position in Mueller Industries, Inc. $MLI

Convergence Investment Partners LLC raised its stake in Mueller Industries, Inc. (NYSE:MLI) by 167.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,535 shares of the industrial products company’s stock after purchasing an additional 8,466 shares during the quarter. Convergence Investment Partners LLC’s holdings in Mueller Industries were worth $1,554,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of MLI. JFS Wealth Advisors LLC raised its stake in shares of Mueller Industries by 121.1% in the third quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 138 shares during the last quarter. Activest Wealth Management purchased a new stake in shares of Mueller Industries in the fourth quarter worth approximately $27,000. Cary Street Partners Investment Advisory LLC raised its stake in shares of Mueller Industries by 228.7% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 215 shares during the last quarter. Root Financial Partners LLC purchased a new stake in shares of Mueller Industries in the third quarter worth approximately $38,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Mueller Industries by 108.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 261 shares during the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Stock Down 2.1%

MLI stock opened at $136.34 on Friday. The firm has a market cap of $15.07 billion, a PE ratio of 17.85 and a beta of 1.13. The business has a 50 day moving average of $121.87 and a 200-day moving average of $118.66. Mueller Industries, Inc. has a 12-month low of $72.16 and a 12-month high of $141.51.

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

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. Mueller Industries’s dividend payout ratio is currently 18.32%.

Insider Activity

In related news, CEO Gregory L. Christopher sold 103,266 shares of Mueller Industries stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $137.29, for a total value of $14,177,389.14. Following the sale, the chief executive officer owned 804,911 shares of the company’s stock, valued at approximately $110,506,231.19. The trade was a 11.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MLI. Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 9th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy”.

Mueller Industries Company 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.