Convergence Investment Partners LLC bought a new stake in Mueller Industries, Inc. (NYSE:MLI) during the first quarter, HoldingsChannel reports. The institutional investor bought 6,326 shares of the industrial products company’s stock, valued at approximately $198,000.
A number of other hedge funds have also recently bought and sold shares of MLI. Bank of New York Mellon Corp grew its holdings in Mueller Industries by 4.2% during the third quarter. Bank of New York Mellon Corp now owns 862,968 shares of the industrial products company’s stock valued at $25,008,000 after purchasing an additional 35,009 shares during the period. Renaissance Technologies LLC acquired a new position in Mueller Industries during the third quarter valued at approximately $1,142,000. MetLife Investment Advisors LLC grew its holdings in Mueller Industries by 56.7% during the third quarter. MetLife Investment Advisors LLC now owns 40,913 shares of the industrial products company’s stock valued at $1,186,000 after purchasing an additional 14,798 shares during the period. Morgan Stanley grew its holdings in Mueller Industries by 65.4% during the third quarter. Morgan Stanley now owns 234,041 shares of the industrial products company’s stock valued at $6,782,000 after purchasing an additional 92,554 shares during the period. Finally, Legal & General Group Plc grew its holdings in Mueller Industries by 1.1% during the third quarter. Legal & General Group Plc now owns 145,556 shares of the industrial products company’s stock valued at $4,204,000 after purchasing an additional 1,566 shares during the period. 93.34% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on MLI shares. TheStreet upgraded shares of Mueller Industries from a “c+” rating to a “b” rating in a report on Wednesday, February 6th. Zacks Investment Research upgraded shares of Mueller Industries from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Thursday, February 7th. Finally, ValuEngine upgraded shares of Mueller Industries from a “sell” rating to a “hold” rating in a report on Tuesday, February 5th.
In other news, Director Scott Jay Goldman sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $32.75, for a total value of $32,750.00. Following the completion of the transaction, the director now owns 10,700 shares in the company, valued at $350,425. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $32.69, for a total transaction of $1,634,500.00. Following the completion of the transaction, the chairman now owns 406,069 shares of the company’s stock, valued at approximately $13,274,395.61. The disclosure for this sale can be found here. 3.30% of the stock is owned by corporate insiders.
Mueller Industries stock opened at $28.95 on Thursday. The company has a market capitalization of $1.70 billion, a PE ratio of 15.56 and a beta of 1.37. Mueller Industries, Inc. has a twelve month low of $21.49 and a twelve month high of $34.24. The company has a quick ratio of 1.99, a current ratio of 3.56 and a debt-to-equity ratio of 0.96.
Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, April 23rd. The industrial products company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.29). The company had revenue of $661.80 million during the quarter. Mueller Industries had a net margin of 3.87% and a return on equity of 19.32%. The firm’s revenue was up 3.4% on a year-over-year basis. As a group, equities research analysts predict that Mueller Industries, Inc. will post 1.45 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, June 7th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.38%. The ex-dividend date is Thursday, June 6th. Mueller Industries’s dividend payout ratio (DPR) is presently 21.51%.
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Mueller Industries Profile
Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, and line sets for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems.
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