Engineers Gate Manager LP Has $4.42 Million Holdings in Mueller Industries, Inc. $MLI

Engineers Gate Manager LP grew its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 169.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 35,950 shares of the industrial products company’s stock after buying an additional 22,590 shares during the quarter. Engineers Gate Manager LP’s holdings in Mueller Industries were worth $4,419,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. California State Teachers Retirement System raised its stake in shares of Mueller Industries by 11,988.1% in the second quarter. California State Teachers Retirement System now owns 15,014,547 shares of the industrial products company’s stock valued at $1,845,738,000 after acquiring an additional 14,890,338 shares during the last quarter. BlackRock Inc. bought a new stake in Mueller Industries during the 2nd quarter worth approximately $1,437,555,000. First Trust Advisors LP increased its holdings in Mueller Industries by 0.6% during the 1st quarter. First Trust Advisors LP now owns 5,594,217 shares of the industrial products company’s stock valued at $619,839,000 after purchasing an additional 33,248 shares in the last quarter. AQR Capital Management LLC raised its position in Mueller Industries by 56.8% in the 4th quarter. AQR Capital Management LLC now owns 4,054,565 shares of the industrial products company’s stock valued at $465,464,000 after purchasing an additional 1,468,872 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Mueller Industries by 30.9% in the 4th quarter. Geode Capital Management LLC now owns 2,642,059 shares of the industrial products company’s stock valued at $303,359,000 after purchasing an additional 624,210 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Transactions at Mueller Industries

In related news, Director Scott Goldman sold 2,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the transaction, the director owned 79,734 shares of the company’s stock, valued at $5,109,354.72. This trade represents a 2.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gregory L. Christopher sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the transaction, the chief executive officer owned 1,598,850 shares of the company’s stock, valued at approximately $109,425,294. This represents a 11.12% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 275,444 shares of company stock worth $18,885,398. 2.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wall Street Zen cut Mueller Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Friday, July 17th. Finally, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, July 16th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries presently has an average rating of “Buy” and an average price target of $75.00.

Mueller Industries Stock Performance

MLI opened at $60.55 on Friday. The company has a fifty day moving average price of $63.07 and a two-hundred day moving average price of $62.79. The firm has a market capitalization of $13.39 billion, a PE ratio of 15.77 and a beta of 1.10. Mueller Industries, Inc. has a 52 week low of $48.26 and a 52 week high of $71.12.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the business posted $1.96 EPS. The firm’s quarterly revenue was up 25.5% on a year-over-year basis.

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.175 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.70 annualized dividend and a yield of 1.2%. Mueller Industries’s dividend payout ratio is presently 18.23%.

About Mueller Industries

Mueller Industries, Inc is a manufacturer of copper, brass, aluminum, steel and plastic products used in plumbing, heating, ventilation, air conditioning, refrigeration, construction and industrial applications. The company serves wholesale distributors, original equipment manufacturers and other industrial customers.

Its product portfolio includes copper tube and fittings, brass rod and forgings, valves, plumbing components, plastic pipe and fittings, aluminum extrusions, refrigeration components and other engineered metal products.