Van ECK Associates Corp Acquires Shares of 1,653 Mueller Industries, Inc. (NYSE:MLI)

Van ECK Associates Corp bought a new stake in shares of Mueller Industries, Inc. (NYSE:MLIGet Rating) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,653 shares of the industrial products company’s stock, valued at approximately $88,000.

A number of other large investors have also recently modified their holdings of MLI. Truist Financial Corp bought a new stake in shares of Mueller Industries during the 1st quarter valued at about $467,000. Exchange Traded Concepts LLC boosted its stake in shares of Mueller Industries by 137.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 22,709 shares of the industrial products company’s stock valued at $1,230,000 after purchasing an additional 13,150 shares in the last quarter. Sciencast Management LP bought a new stake in shares of Mueller Industries during the 1st quarter valued at about $227,000. New York State Teachers Retirement System boosted its stake in shares of Mueller Industries by 0.4% during the 1st quarter. New York State Teachers Retirement System now owns 129,026 shares of the industrial products company’s stock valued at $6,989,000 after purchasing an additional 500 shares in the last quarter. Finally, ARGI Investment Services LLC boosted its stake in shares of Mueller Industries by 2.0% during the 1st quarter. ARGI Investment Services LLC now owns 46,547 shares of the industrial products company’s stock valued at $2,521,000 after purchasing an additional 910 shares in the last quarter. Institutional investors own 90.07% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Mueller Industries in a research note on Wednesday, October 12th. They set a “buy” rating on the stock. Northcoast Research assumed coverage on shares of Mueller Industries in a research note on Monday, July 18th. They set a “buy” rating on the stock.

Insider Buying and Selling

In other news, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, October 20th. The shares were sold at an average price of $63.13, for a total value of $63,130.00. Following the transaction, the director now owns 56,885 shares in the company, valued at $3,591,150.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.90% of the stock is currently owned by insiders.

Mueller Industries Price Performance

NYSE:MLI opened at $62.58 on Monday. Mueller Industries, Inc. has a one year low of $49.42 and a one year high of $70.38. The company’s 50-day simple moving average is $61.63 and its 200 day simple moving average is $59.24. The firm has a market capitalization of $3.55 billion, a P/E ratio of 5.50 and a beta of 1.09.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.60%. Mueller Industries’s payout ratio is currently 8.79%.

About Mueller Industries

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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; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.

Further Reading

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Institutional Ownership by Quarter for Mueller Industries (NYSE:MLI)

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