Convergence Investment Partners LLC boosted its position in Mueller Industries, Inc. (NYSE:MLI – Free Report) by 167.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,535 shares of the industrial products company’s stock after buying 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 and Exchange Commission (SEC).
A number of other large investors have also bought and sold shares of the company. Northwestern Mutual Investment Management Company LLC increased its position in Mueller Industries by 0.7% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 24,837 shares of the industrial products company’s stock worth $2,851,000 after buying an additional 162 shares during the last quarter. Bessemer Group Inc. increased its position in Mueller Industries by 0.4% in the fourth quarter. Bessemer Group Inc. now owns 421,375 shares of the industrial products company’s stock worth $48,373,000 after buying an additional 1,509 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Mueller Industries by 39.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 35,370 shares of the industrial products company’s stock worth $4,061,000 after buying an additional 9,937 shares during the last quarter. Arbejdsmarkedets Tillaegspension purchased a new stake in Mueller Industries in the fourth quarter worth $24,283,000. Finally, Pinnacle Associates Ltd. purchased a new stake in Mueller Industries in the fourth quarter worth $341,000. 94.50% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Mueller Industries
In other news, CEO Gregory L. Christopher sold 103,266 shares of the firm’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the completion of the transaction, the chief executive officer directly owned 804,911 shares of the company’s stock, valued at $110,506,231.19. This trade represents a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by insiders.
Mueller Industries Price Performance
Mueller Industries (NYSE:MLI – Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The industrial products company reported $2.16 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.67. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the company earned $1.39 earnings per share. The business’s revenue for the quarter was up 19.3% on a year-over-year basis.
Mueller Industries Dividend Announcement
The business also recently declared 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. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, June 5th. Mueller Industries’s dividend payout ratio (DPR) is presently 18.32%.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the company. Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy”.
Check Out Our Latest Analysis on MLI
About Mueller Industries
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.
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