Gabelli Funds LLC Has $154.96 Million Stock Position in Mueller Industries, Inc. $MLI

Gabelli Funds LLC trimmed its holdings in Mueller Industries, Inc. (NYSE:MLI) by 8.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,349,850 shares of the industrial products company’s stock after selling 119,200 shares during the quarter. Mueller Industries accounts for about 1.0% of Gabelli Funds LLC’s holdings, making the stock its 10th biggest holding. Gabelli Funds LLC’s holdings in Mueller Industries were worth $154,963,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MLI. NewEdge Advisors LLC lifted its holdings in shares of Mueller Industries by 10.7% in the 1st quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock worth $1,121,000 after acquiring an additional 1,420 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Mueller Industries by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company’s stock worth $17,563,000 after acquiring an additional 3,316 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Mueller Industries in the 1st quarter worth approximately $524,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Mueller Industries by 108.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 261 shares during the last quarter. Finally, CW Advisors LLC lifted its holdings in shares of Mueller Industries by 4.0% in the 2nd quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock worth $289,000 after acquiring an additional 140 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Stock Down 0.1%

NYSE:MLI opened at $136.34 on Monday. The company has a fifty day moving average of $121.87 and a 200 day moving average of $118.77. Mueller Industries, Inc. has a 52 week low of $72.16 and a 52 week high of $141.51. The firm has a market capitalization of $15.07 billion, a P/E ratio of 17.85 and a beta of 1.13.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, April 21st. The industrial products company reported $2.16 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 company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period in the prior year, the business posted $1.39 EPS. The firm’s revenue was up 19.3% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, June 5th. Mueller Industries’s dividend payout ratio is currently 18.32%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MLI shares. Wall Street Zen upgraded shares of Mueller Industries from a “buy” rating to a “strong-buy” rating in a report on Sunday. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, Mueller Industries presently has an average rating of “Buy”.

Insider Buying and Selling

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the transaction, the chief executive officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

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.