Arrowstreet Capital Limited Partnership Has $67 Million Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Arrowstreet Capital Limited Partnership raised its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 59.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 844,287 shares of the industrial products company's stock after acquiring an additional 316,095 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.74% of Mueller Industries worth $67,003,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of MLI. State Street Corp grew its holdings in shares of Mueller Industries by 3.2% in the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company's stock worth $329,830,000 after purchasing an additional 139,406 shares during the last quarter. William Blair Investment Management LLC bought a new stake in Mueller Industries during the fourth quarter worth about $201,376,000. Norges Bank bought a new stake in Mueller Industries during the fourth quarter worth about $117,351,000. FMR LLC increased its holdings in shares of Mueller Industries by 2.6% during the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company's stock worth $79,039,000 after buying an additional 27,399 shares in the last quarter. Finally, Systematic Financial Management LP boosted its holdings in shares of Mueller Industries by 1.6% in the 3rd quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company's stock worth $69,605,000 after acquiring an additional 14,729 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Mueller Industries Trading Down 4.6 %

NYSE MLI traded down $3.41 on Friday, hitting $70.67. 1,163,961 shares of the company were exchanged, compared to its average volume of 903,389. Mueller Industries, Inc. has a 1-year low of $50.85 and a 1-year high of $96.81. The firm has a 50 day moving average of $79.31 and a two-hundred day moving average of $79.93. The company has a market cap of $8.00 billion, a P/E ratio of 13.31 and a beta of 0.99.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.09. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.25 per share. The ex-dividend date was Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.42%. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. Mueller Industries's payout ratio is presently 18.83%.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the business's stock in a transaction dated 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 sale, the director now directly owns 56,098 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. 2.80% of the stock is currently owned by insiders.

Mueller Industries Company 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.