First Trust Advisors LP Grows Holdings in Mueller Industries, Inc. (NYSE:MLI)

First Trust Advisors LP raised its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,214,930 shares of the industrial products company's stock after purchasing an additional 327,479 shares during the quarter. First Trust Advisors LP owned 5.46% of Mueller Industries worth $493,217,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Invesco Ltd. boosted its holdings in Mueller Industries by 50.3% in the 4th quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock valued at $221,304,000 after purchasing an additional 933,498 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Mueller Industries by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 2,705,588 shares of the industrial products company's stock valued at $214,763,000 after buying an additional 117,327 shares in the last quarter. William Blair Investment Management LLC acquired a new position in Mueller Industries during the fourth quarter worth $201,376,000. FMR LLC raised its position in Mueller Industries by 79.2% in the fourth quarter. FMR LLC now owns 1,911,689 shares of the industrial products company's stock worth $151,712,000 after acquiring an additional 845,031 shares in the last quarter. Finally, Norges Bank acquired a new stake in Mueller Industries in the fourth quarter valued at $117,351,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Trading Up 2.9 %

Shares of NYSE:MLI traded up $2.10 on Thursday, reaching $74.35. 334,643 shares of the company were exchanged, compared to its average volume of 900,286. Mueller Industries, Inc. has a 1-year low of $53.53 and a 1-year high of $96.81. The company has a 50-day moving average of $76.93 and a 200-day moving average of $79.77. The firm has a market cap of $8.23 billion, a price-to-earnings ratio of 14.00 and a beta of 0.96.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share for the quarter, topping analysts' consensus estimates of $1.31 by $0.08. The business had revenue of $1 billion for the quarter, compared to analysts' expectations of $1 billion. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.35%. This is a boost from Mueller Industries's previous quarterly dividend of $0.20. The ex-dividend date was Friday, March 14th. Mueller Industries's dividend payout ratio is presently 18.83%.

Insider Buying and Selling at Mueller Industries

In related news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the transaction, the director now directly owns 56,098 shares in the company, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.70% of the stock is currently owned by 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.