Tortoise Investment Management LLC Buys 1,819 Shares of Mueller Industries, Inc. (NYSE:MLI)

Tortoise Investment Management LLC boosted its stake in Mueller Industries, Inc. (NYSE:MLI) by 100.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,638 shares of the industrial products company’s stock after purchasing an additional 1,819 shares during the period. Tortoise Investment Management LLC’s holdings in Mueller Industries were worth $172,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of MLI. American International Group Inc. raised its position in shares of Mueller Industries by 98.3% during the 4th quarter. American International Group Inc. now owns 61,094 shares of the industrial products company’s stock valued at $2,881,000 after buying an additional 30,289 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in Mueller Industries by 100.0% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 36,808 shares of the industrial products company’s stock worth $1,735,000 after acquiring an additional 18,404 shares in the last quarter. Palisade Capital Management LP grew its stake in Mueller Industries by 84.9% in the 4th quarter. Palisade Capital Management LP now owns 1,017,026 shares of the industrial products company’s stock worth $47,953,000 after acquiring an additional 467,035 shares in the last quarter. Gamco Investors INC. ET AL boosted its stake in shares of Mueller Industries by 93.1% during the fourth quarter. Gamco Investors INC. ET AL now owns 3,849,329 shares of the industrial products company’s stock valued at $181,496,000 after purchasing an additional 1,855,637 shares in the last quarter. Finally, Gates Capital Management Inc. boosted its stake in shares of Mueller Industries by 58.4% during the fourth quarter. Gates Capital Management Inc. now owns 1,896,207 shares of the industrial products company’s stock valued at $89,406,000 after purchasing an additional 699,463 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.

Insiders Place Their Bets

In other Mueller Industries news, CFO Jeffrey Andrew Martin sold 52,436 shares of Mueller Industries stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $57.25, for a total transaction of $3,001,961.00. Following the transaction, the chief financial officer now directly owns 313,529 shares of the company’s stock, valued at $17,949,535.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Mueller Industries news, Director John B. Hansen sold 2,733 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $58.61, for a total transaction of $160,181.13. Following the completion of the transaction, the director now owns 103,914 shares in the company, valued at approximately $6,090,399.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jeffrey Andrew Martin sold 52,436 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $57.25, for a total transaction of $3,001,961.00. Following the transaction, the chief financial officer now owns 313,529 shares of the company’s stock, valued at approximately $17,949,535.25. The disclosure for this sale can be found here. Insiders have sold 61,169 shares of company stock valued at $3,506,762 over the last ninety days. Company insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

NYSE:MLI traded down $1.71 during midday trading on Friday, reaching $54.89. 612,450 shares of the stock traded hands, compared to its average volume of 516,576. Mueller Industries, Inc. has a 12-month low of $34.96 and a 12-month high of $60.31. The business has a 50-day moving average of $56.37 and a two-hundred day moving average of $51.13. The stock has a market capitalization of $6.24 billion, a PE ratio of 11.00 and a beta of 1.07.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, April 23rd. The industrial products company reported $1.21 earnings per share (EPS) for the quarter. The firm had revenue of $849.65 million during the quarter. Mueller Industries had a net margin of 17.22% and a return on equity of 24.69%.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Friday, June 7th. Mueller Industries’s dividend payout ratio (DPR) is presently 16.03%.

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.