Federated Hermes Inc. Acquires 10,643 Shares of Mueller Industries, Inc. (NYSE:MLI)

Federated Hermes Inc. raised its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 943.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 11,771 shares of the industrial products company's stock after acquiring an additional 10,643 shares during the quarter. Federated Hermes Inc.'s holdings in Mueller Industries were worth $934,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Flagship Harbor Advisors LLC bought a new stake in Mueller Industries during the 4th quarter valued at $300,000. Merit Financial Group LLC bought a new position in shares of Mueller Industries during the 4th quarter valued at approximately $287,000. Rhumbline Advisers raised its stake in shares of Mueller Industries by 13.7% in the fourth quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock valued at $28,895,000 after buying an additional 43,893 shares during the period. US Bancorp DE increased its stake in shares of Mueller Industries by 3.0% in the fourth quarter. US Bancorp DE now owns 18,278 shares of the industrial products company's stock worth $1,451,000 after purchasing an additional 537 shares in the last quarter. Finally, Congress Asset Management Co. raised its holdings in Mueller Industries by 6.5% during the 4th quarter. Congress Asset Management Co. now owns 202,636 shares of the industrial products company's stock valued at $16,081,000 after acquiring an additional 12,450 shares during the period. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Price Performance

MLI stock traded down $0.14 during mid-day trading on Friday, reaching $70.79. 2,817,317 shares of the company traded hands, compared to its average volume of 930,399. Mueller Industries, Inc. has a 52-week low of $51.98 and a 52-week high of $96.81. The company has a market capitalization of $7.84 billion, a P/E ratio of 13.33 and a beta of 0.96. The company has a fifty day moving average price of $77.53 and a 200-day moving average price of $79.81.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, beating the consensus estimate 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 business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a $0.25 dividend. The ex-dividend date was Friday, March 14th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.41%. Mueller Industries's dividend payout ratio (DPR) is 18.83%.

Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction dated Thursday, February 13th. The shares were 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 of the company's stock, valued at $4,477,181.38. This trade represents a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.70% of the company's stock.

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.