Allianz Asset Management GmbH Buys 81,206 Shares of Mueller Industries, Inc. $MLI

Allianz Asset Management GmbH boosted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 14.8% in the second quarter, Holdings Channel.com reports. The fund owned 630,441 shares of the industrial products company’s stock after acquiring an additional 81,206 shares during the quarter. Allianz Asset Management GmbH’s holdings in Mueller Industries were worth $50,101,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Invesco Ltd. raised its position in shares of Mueller Industries by 0.4% in the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company’s stock worth $213,160,000 after acquiring an additional 10,968 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Mueller Industries by 1.9% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock valued at $184,890,000 after purchasing an additional 42,599 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Mueller Industries by 15.7% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company’s stock worth $93,259,000 after buying an additional 166,012 shares during the last quarter. Systematic Financial Management LP boosted its stake in shares of Mueller Industries by 1.0% in the first quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company’s stock worth $72,875,000 after buying an additional 9,463 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Mueller Industries in the first quarter worth about $54,072,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Up 0.0%

NYSE MLI opened at $98.58 on Friday. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $102.75. The business’s 50-day moving average price is $97.24 and its 200 day moving average price is $84.89. The firm has a market cap of $10.91 billion, a P/E ratio of 15.65 and a beta of 1.02.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.34. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. The business’s quarterly revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, September 5th. Mueller Industries’s payout ratio is currently 15.87%.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the completion of the transaction, the director directly owned 92,664 shares in the company, valued at approximately $8,522,308.08. The trade was a 1.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Mueller Industries has a consensus rating of “Buy” and an average target price of $105.00.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.