Capitolis Liquid Global Markets LLC bought a new stake in shares of Mueller Industries, Inc. (NYSE:MLI – Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 26,250 shares of the industrial products company’s stock, valued at approximately $2,654,000.
A number of other hedge funds also recently modified their holdings of the business. AQR Capital Management LLC grew its holdings in shares of Mueller Industries by 181.4% during the third quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock valued at $261,439,000 after buying an additional 1,666,891 shares in the last quarter. Norges Bank purchased a new stake in Mueller Industries in the 2nd quarter worth about $127,287,000. UBS Group AG boosted its position in Mueller Industries by 837.0% during the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock worth $129,819,000 after acquiring an additional 1,146,919 shares during the period. Qube Research & Technologies Ltd purchased a new position in Mueller Industries during the 2nd quarter valued at about $75,901,000. Finally, Vaughan Nelson Investment Management L.P. purchased a new position in Mueller Industries during the 3rd quarter valued at about $51,789,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.
Mueller Industries Trading Down 1.0%
MLI opened at $109.70 on Monday. The stock has a fifty day moving average price of $122.61 and a 200 day moving average price of $111.55. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $139.29. The stock has a market cap of $12.17 billion, a price-to-earnings ratio of 15.97 and a beta of 1.04.
Mueller Industries Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.25. Mueller Industries’s dividend payout ratio (DPR) is presently 20.38%.
Insider Activity at Mueller Industries
In related news, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $118.97, for a total value of $527,037.10. Following the transaction, the director owned 41,645 shares in the company, valued at approximately $4,954,505.65. This represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $116.71, for a total transaction of $116,710.00. Following the transaction, the director directly owned 90,664 shares in the company, valued at approximately $10,581,395.44. The trade was a 1.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.70% of the company’s stock.
Analyst Ratings Changes
MLI has been the topic of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, January 22nd. Wall Street Zen downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy”.
Read Our Latest Stock Report on Mueller Industries
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.
Further Reading
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