Handelsbanken Fonder AB grew its stake in Mueller Industries, Inc. (NYSE:MLI – Free Report) by 23.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,448 shares of the industrial products company’s stock after buying an additional 7,300 shares during the period. Handelsbanken Fonder AB’s holdings in Mueller Industries were worth $4,414,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. JFS Wealth Advisors LLC raised its holdings in shares of Mueller Industries by 121.1% in the third quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock worth $25,000 after buying an additional 138 shares during the last quarter. Activest Wealth Management purchased a new position in shares of Mueller Industries in the fourth quarter worth $27,000. Cary Street Partners Investment Advisory LLC raised its holdings in shares of Mueller Industries by 228.7% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock worth $31,000 after buying an additional 215 shares during the last quarter. Root Financial Partners LLC purchased a new position in shares of Mueller Industries in the third quarter worth $38,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Mueller Industries by 108.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock worth $40,000 after buying an additional 261 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.
Mueller Industries Price Performance
Shares of Mueller Industries stock opened at $133.29 on Friday. The firm has a fifty day moving average price of $123.76 and a 200 day moving average price of $119.67. Mueller Industries, Inc. has a 1 year low of $72.16 and a 1 year high of $141.51. The stock has a market cap of $14.74 billion, a PE ratio of 17.45 and a beta of 1.13.
Mueller Industries Announces Dividend
The firm also recently announced 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 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, June 5th. Mueller Industries’s dividend payout ratio (DPR) is 18.32%.
Insider Activity
In related news, CEO Gregory L. Christopher sold 103,266 shares of the firm’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 completion of the transaction, the chief executive officer 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on MLI. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report on Tuesday, April 21st. Wall Street Zen raised shares of Mueller Industries from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 17th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy”.
Get Our Latest Stock Report 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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