World Investment Advisors LLC bought a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 29,228 shares of the industrial products company's stock, valued at approximately $2,166,000.
A number of other institutional investors have also recently added to or reduced their stakes in the business. LSV Asset Management increased its stake in Mueller Industries by 44.1% during the second quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company's stock valued at $119,271,000 after acquiring an additional 641,114 shares during the period. Fiera Capital Corp acquired a new stake in shares of Mueller Industries during the third quarter worth approximately $35,552,000. Charles Schwab Investment Management Inc. raised its position in Mueller Industries by 27.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company's stock valued at $108,907,000 after purchasing an additional 315,490 shares during the last quarter. F M Investments LLC acquired a new stake in Mueller Industries in the 2nd quarter valued at about $14,441,000. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in Mueller Industries by 77.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company's stock worth $29,152,000 after purchasing an additional 171,671 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.
Mueller Industries Stock Down 0.6 %
Shares of NYSE MLI traded down $0.47 during trading hours on Friday, hitting $82.48. The company had a trading volume of 706,412 shares, compared to its average volume of 840,877. The firm's 50 day moving average is $82.18 and its 200-day moving average is $70.68. The stock has a market capitalization of $9.38 billion, a P/E ratio of 16.02 and a beta of 0.99. Mueller Industries, Inc. has a 1-year low of $44.03 and a 1-year high of $96.81.
Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.32 by $0.16. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The company had revenue of $997.80 million during the quarter, compared to analysts' expectations of $936.00 million. The business's revenue was up 21.7% on a year-over-year basis.
Mueller Industries Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.97%. The ex-dividend date is Friday, December 6th. Mueller Industries's dividend payout ratio (DPR) is currently 15.53%.
Insider Activity at Mueller Industries
In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total value of $83,090.00. Following the completion of the sale, the director now owns 94,914 shares in the company, valued at approximately $7,886,404.26. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction of $1,380,600.00. Following the sale, the director now owns 17,733 shares of the company's stock, valued at $1,632,145.32. This trade represents a 45.83 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Separately, Northcoast Research upgraded Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price on the stock in a report on Wednesday.
View Our Latest Analysis on MLI
Mueller Industries Company Profile
(
Free Report)
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.
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