Meritage Portfolio Management Increases Stake in Mueller Industries, Inc. (NYSE:MLI)

Meritage Portfolio Management boosted its stake in Mueller Industries, Inc. (NYSE:MLI) by 297.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,938 shares of the industrial products company’s stock after purchasing an additional 15,673 shares during the period. Meritage Portfolio Management’s holdings in Mueller Industries were worth $987,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in shares of Mueller Industries by 90.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,039,933 shares of the industrial products company’s stock worth $237,633,000 after buying an additional 2,399,862 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of Mueller Industries by 194.4% in the 4th quarter. Pacer Advisors Inc. now owns 2,883,088 shares of the industrial products company’s stock worth $135,938,000 after buying an additional 1,903,745 shares during the last quarter. Gates Capital Management Inc. grew its position in shares of Mueller Industries by 53.4% in the 3rd quarter. Gates Capital Management Inc. now owns 1,196,744 shares of the industrial products company’s stock worth $89,947,000 after buying an additional 416,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Mueller Industries by 98.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,872 shares of the industrial products company’s stock worth $30,359,000 after buying an additional 320,187 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Mueller Industries by 6.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 597,156 shares of the industrial products company’s stock worth $44,882,000 after buying an additional 36,646 shares during the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MLI shares. Northcoast Research reiterated a “neutral” rating on shares of Mueller Industries in a research report on Friday, January 19th. StockNews.com lowered Mueller Industries from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd.

Mueller Industries Stock Performance

Shares of NYSE MLI traded down $1.03 during mid-day trading on Friday, hitting $57.38. 275,782 shares of the stock traded hands, compared to its average volume of 680,465. The stock has a fifty day moving average price of $52.13 and a 200-day moving average price of $46.78. Mueller Industries, Inc. has a 52 week low of $34.08 and a 52 week high of $59.59. The company has a market cap of $6.52 billion, a price-to-earnings ratio of 11.70 and a beta of 1.08.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, February 6th. The industrial products company reported $1.05 EPS for the quarter. Mueller Industries had a return on equity of 24.69% and a net margin of 17.22%. The business had revenue of $732.38 million for the quarter.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.39%. This is an increase from Mueller Industries’s previous quarterly dividend of $0.15. The ex-dividend date was Thursday, March 14th. Mueller Industries’s payout ratio is 16.03%.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 4,000 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $57.29, for a total value of $229,160.00. Following the sale, the director now directly owns 104,214 shares of the company’s stock, valued at $5,970,420.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Jeffrey Andrew Martin sold 47,280 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $49.25, for a total value of $2,328,540.00. Following the completion of the transaction, the chief financial officer now owns 370,840 shares in the company, valued at $18,263,870. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hansen sold 4,000 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $57.29, for a total value of $229,160.00. Following the completion of the transaction, the director now owns 104,214 shares of the company’s stock, valued at approximately $5,970,420.06. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,280 shares of company stock valued at $2,804,350. 2.80% of the stock is currently owned by corporate 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.