Citigroup Inc. Raises Stake in Mueller Industries, Inc. (NYSE:MLI)

Citigroup Inc. lifted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI – Get Rating) by 24.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 38,338 shares of the industrial products company’s stock after buying an additional 7,516 shares during the period. Citigroup Inc.’s holdings in Mueller Industries were worth $2,262,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. U.S. Capital Wealth Advisors LLC purchased a new stake in Mueller Industries in the 4th quarter valued at $36,000. Point72 Hong Kong Ltd acquired a new stake in Mueller Industries in the 2nd quarter valued at about $40,000. Federated Hermes Inc. raised its position in Mueller Industries by 54.9% in the 3rd quarter. Federated Hermes Inc. now owns 841 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 298 shares in the last quarter. Ronald Blue Trust Inc. raised its position in shares of Mueller Industries by 477.4% during the 4th quarter. Ronald Blue Trust Inc. now owns 1,507 shares of the industrial products company’s stock worth $90,000 after acquiring an additional 1,246 shares in the last quarter. Finally, Dupont Capital Management Corp acquired a new stake in shares of Mueller Industries during the 4th quarter worth about $98,000. 89.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com upgraded Mueller Industries from a “hold” rating to a “buy” rating in a research note on Friday, May 19th.

Insider Transactions at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 507 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $75.00, for a total transaction of $38,025.00. Following the sale, the chief executive officer now owns 603,671 shares in the company, valued at $45,275,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Gregory L. Christopher sold 507 shares of the stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $75.00, for a total value of $38,025.00. Following the completion of the transaction, the chief executive officer now directly owns 603,671 shares of the company’s stock, valued at approximately $45,275,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hansen sold 500 shares of Mueller Industries stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $70.47, for a total value of $35,235.00. Following the transaction, the director now owns 12,000 shares in the company, valued at $845,640. The disclosure for this sale can be found here. Insiders sold 19,807 shares of company stock valued at $1,540,082 over the last quarter. Company insiders own 3.00% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI stock opened at $74.93 on Thursday. Mueller Industries, Inc. has a 1 year low of $50.05 and a 1 year high of $80.10. The stock has a market cap of $4.27 billion, a PE ratio of 6.29 and a beta of 1.09. The stock has a fifty day moving average price of $72.24 and a 200 day moving average price of $69.04.

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Friday, June 2nd will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, June 1st. Mueller Industries’s payout ratio is 10.07%.

About Mueller Industries

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Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of Domestic Piping Systems Group, Great Lakes Copper, Heatlink Group, European Operations, Trading Group, Jungwoo-Mueller, and Mueller Middle East.