Martingale Asset Management L P cut its holdings in Mueller Industries, Inc. (NYSE:MLI – Free Report) by 1.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,412 shares of the industrial products company’s stock after selling 904 shares during the period. Martingale Asset Management L P owned approximately 0.10% of Mueller Industries worth $4,366,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. raised its position in shares of Mueller Industries by 0.7% in the 1st quarter. BlackRock Inc. now owns 8,779,865 shares of the industrial products company’s stock worth $475,606,000 after acquiring an additional 64,501 shares in the last quarter. Vanguard Group Inc. raised its stake in Mueller Industries by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 6,341,321 shares of the industrial products company’s stock worth $343,510,000 after buying an additional 116,393 shares during the period. Dimensional Fund Advisors LP raised its stake in Mueller Industries by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,087,769 shares of the industrial products company’s stock worth $123,178,000 after buying an additional 17,875 shares during the period. State Street Corp raised its stake in Mueller Industries by 0.9% during the 3rd quarter. State Street Corp now owns 1,928,353 shares of the industrial products company’s stock worth $114,621,000 after buying an additional 17,903 shares during the period. Finally, Geode Capital Management LLC raised its stake in Mueller Industries by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 1,227,632 shares of the industrial products company’s stock worth $73,004,000 after buying an additional 31,872 shares during the period. 94.50% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Separately, StockNews.com began coverage on Mueller Industries in a research note on Thursday, August 17th. They set a “hold” rating on the stock.
Mueller Industries Stock Performance
MLI stock opened at $76.95 on Friday. The stock’s 50 day simple moving average is $82.19 and its 200 day simple moving average is $77.01. Mueller Industries, Inc. has a fifty-two week low of $57.10 and a fifty-two week high of $91.93. The company has a market cap of $4.37 billion, a P/E ratio of 6.76 and a beta of 1.09.
Mueller Industries (NYSE:MLI – Get Free Report) last issued its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $3.12 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.72. The firm had revenue of $897.00 million during the quarter, compared to analyst estimates of $1.04 billion. Mueller Industries had a return on equity of 33.92% and a net margin of 17.46%. The firm’s quarterly revenue was down 22.0% compared to the same quarter last year.
Mueller Industries Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Thursday, August 31st. Mueller Industries’s dividend payout ratio is currently 10.54%.
In other news, Director John B. Hansen sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $78.33, for a total value of $195,825.00. Following the completion of the transaction, the director now directly owns 59,681 shares of the company’s stock, valued at $4,674,812.73. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.80% of the stock is currently owned by corporate insiders.
About Mueller Industries
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.
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