Assenagon Asset Management S.A. Purchases Shares of 28,576 Mueller Industries, Inc. (NYSE:MLI)

Assenagon Asset Management S.A. purchased a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 28,576 shares of the industrial products company's stock, valued at approximately $2,268,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Mueller Industries by 36.0% in the third quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company's stock valued at $41,000 after purchasing an additional 146 shares during the last quarter. Kapitalo Investimentos Ltda lifted its position in shares of Mueller Industries by 3.5% during the 3rd quarter. Kapitalo Investimentos Ltda now owns 4,582 shares of the industrial products company's stock valued at $340,000 after buying an additional 156 shares during the last quarter. GM Advisory Group LLC grew its stake in shares of Mueller Industries by 5.3% during the 3rd quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company's stock worth $281,000 after acquiring an additional 192 shares during the period. Hsbc Holdings PLC increased its holdings in Mueller Industries by 1.8% in the 2nd quarter. Hsbc Holdings PLC now owns 13,188 shares of the industrial products company's stock worth $757,000 after acquiring an additional 233 shares during the last quarter. Finally, Xponance Inc. raised its stake in Mueller Industries by 4.4% in the 2nd quarter. Xponance Inc. now owns 7,123 shares of the industrial products company's stock valued at $406,000 after acquiring an additional 302 shares during the period. Hedge funds and other institutional investors own 94.50% of the company's stock.

Insiders Place Their Bets

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the transaction, the director now owns 17,733 shares of the company's stock, valued at $1,632,145.32. The trade was a 45.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total transaction of $83,090.00. Following the sale, the director now directly owns 94,914 shares of the company's stock, valued at $7,886,404.26. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company's stock.

Mueller Industries Trading Up 0.4 %

Shares of NYSE MLI traded up $0.36 during mid-day trading on Thursday, hitting $81.82. The company had a trading volume of 642,168 shares, compared to its average volume of 727,298. Mueller Industries, Inc. has a 1 year low of $46.43 and a 1 year high of $96.81. The company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 15.89 and a beta of 1.00. The stock's 50-day moving average price is $81.89 and its 200-day moving average price is $75.43.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.32 by $0.16. The firm had revenue of $997.80 million for the quarter, compared to the consensus estimate of $936.00 million. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The firm's revenue was up 21.7% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.98%. The ex-dividend date was Friday, December 6th. Mueller Industries's payout ratio is 15.53%.

Analysts Set New Price Targets

Separately, Northcoast Research upgraded shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price for the company in a research note on Wednesday, December 11th.

Mueller Industries Profile

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.