Pacer Advisors Inc. increased its position in shares of Mueller Industries, Inc. (NYSE:MLI – Free Report) by 4.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 581,542 shares of the industrial products company’s stock after acquiring an additional 22,298 shares during the quarter. Pacer Advisors Inc. owned about 1.02% of Mueller Industries worth $50,757,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in MLI. First Trust Advisors LP lifted its stake in Mueller Industries by 284.1% in the first quarter. First Trust Advisors LP now owns 2,701,964 shares of the industrial products company’s stock valued at $198,540,000 after buying an additional 1,998,534 shares during the period. Gates Capital Management Inc. bought a new position in Mueller Industries during the 1st quarter worth approximately $60,565,000. Norges Bank acquired a new position in Mueller Industries during the fourth quarter valued at approximately $39,197,000. Envestnet Asset Management Inc. grew its holdings in Mueller Industries by 1,084.7% during the first quarter. Envestnet Asset Management Inc. now owns 671,768 shares of the industrial products company’s stock valued at $4,010,000 after purchasing an additional 615,064 shares during the period. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in Mueller Industries in the first quarter valued at approximately $29,681,000. 94.50% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Separately, StockNews.com lowered shares of Mueller Industries from a “buy” rating to a “hold” rating in a report on Tuesday.
Insider Activity at Mueller Industries
In related news, Director John B. Hansen sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $78.33, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is owned by company insiders.
Mueller Industries Stock Performance
NYSE MLI traded up $0.17 during trading hours on Tuesday, reaching $74.50. 44,854 shares of the company’s stock were exchanged, compared to its average volume of 416,814. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 6.53 and a beta of 1.11. Mueller Industries, Inc. has a one year low of $57.10 and a one year high of $91.93. The company’s 50-day moving average is $79.39 and its two-hundred day moving average is $77.11.
Mueller Industries (NYSE:MLI – Get Free Report) last released its earnings results on Tuesday, July 25th. The industrial products company reported $3.12 EPS for the quarter, beating the consensus estimate of $2.40 by $0.72. The firm had revenue of $897.00 million for the quarter, compared to analysts’ expectations of $1.04 billion. Mueller Industries had a return on equity of 33.92% and a net margin of 17.46%. The company’s 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 was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, August 31st. Mueller Industries’s payout ratio is 10.54%.
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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