Bank of America Corp DE increased its holdings in Mueller Industries, Inc. (NYSE:MLI) by 54.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,284 shares of the industrial products company’s stock after purchasing an additional 48,130 shares during the quarter. Bank of America Corp DE owned 0.24% of Mueller Industries worth $3,184,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its stake in shares of Mueller Industries by 4.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 862,968 shares of the industrial products company’s stock worth $25,008,000 after purchasing an additional 35,009 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Mueller Industries during the 3rd quarter worth approximately $1,142,000. BlueMountain Capital Management LLC increased its stake in shares of Mueller Industries by 111.3% during the 3rd quarter. BlueMountain Capital Management LLC now owns 5,446 shares of the industrial products company’s stock worth $158,000 after purchasing an additional 2,869 shares in the last quarter. MetLife Investment Advisors LLC increased its stake in shares of Mueller Industries by 56.7% during the 3rd quarter. MetLife Investment Advisors LLC now owns 40,913 shares of the industrial products company’s stock worth $1,186,000 after purchasing an additional 14,798 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Mueller Industries by 65.4% during the 3rd quarter. Morgan Stanley now owns 234,041 shares of the industrial products company’s stock worth $6,782,000 after purchasing an additional 92,554 shares in the last quarter. Institutional investors and hedge funds own 92.75% of the company’s stock.
Shares of MLI traded down $0.41 during mid-day trading on Wednesday, reaching $28.02. The company had a trading volume of 162,556 shares, compared to its average volume of 222,877. The firm has a market cap of $1.57 billion, a PE ratio of 15.06 and a beta of 1.37. Mueller Industries, Inc. has a fifty-two week low of $21.49 and a fifty-two week high of $34.24. The company has a quick ratio of 1.99, a current ratio of 3.56 and a debt-to-equity ratio of 0.96.
Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.29). The company had revenue of $661.80 million during the quarter. Mueller Industries had a net margin of 3.87% and a return on equity of 19.32%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts anticipate that Mueller Industries, Inc. will post 1.45 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be issued a $0.10 dividend. The ex-dividend date is Thursday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.43%. Mueller Industries’s dividend payout ratio (DPR) is presently 21.51%.
MLI has been the topic of a number of analyst reports. TheStreet upgraded shares of Mueller Industries from a “c+” rating to a “b” rating in a research report on Wednesday, February 6th. Zacks Investment Research upgraded shares of Mueller Industries from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Thursday, February 7th. Finally, ValuEngine upgraded shares of Mueller Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, February 5th.
In other Mueller Industries news, Director Scott Jay Goldman sold 1,000 shares of Mueller Industries stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $32.75, for a total value of $32,750.00. Following the transaction, the director now owns 10,700 shares in the company, valued at approximately $350,425. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $32.69, for a total transaction of $1,634,500.00. Following the completion of the transaction, the chairman now owns 406,069 shares in the company, valued at approximately $13,274,395.61. The disclosure for this sale can be found here. 3.30% of the stock is owned by company insiders.
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About Mueller Industries
Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of domestic piping systems group, Canadian operations, European operations, trading group, Jiangsu Mueller-Xingrong Copper Industries Limited, and Jungwoo Metal Ind.
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