Riggs Asset Managment Co. Inc. Acquires New Shares in Mueller Industries, Inc. $MLI

Riggs Asset Managment Co. Inc. acquired a new position in Mueller Industries, Inc. (NYSE:MLI) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 70,791 shares of the industrial products company’s stock, valued at approximately $7,158,000. Mueller Industries accounts for 1.6% of Riggs Asset Managment Co. Inc.’s portfolio, making the stock its 21st largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First Trust Advisors LP raised its position in Mueller Industries by 3.0% in the third quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock valued at $570,176,000 after purchasing an additional 166,218 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Mueller Industries by 3.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock worth $232,900,000 after purchasing an additional 77,330 shares during the period. LSV Asset Management increased its position in shares of Mueller Industries by 0.9% during the 2nd quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock worth $153,649,000 after purchasing an additional 16,757 shares during the last quarter. Norges Bank acquired a new stake in shares of Mueller Industries during the 2nd quarter worth about $127,287,000. Finally, Qube Research & Technologies Ltd purchased a new stake in Mueller Industries in the 2nd quarter valued at about $75,901,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MLI shares. Wall Street Zen cut shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy”.

Mueller Industries Trading Down 1.9%

MLI opened at $114.71 on Friday. The stock’s 50-day moving average price is $122.96 and its 200 day moving average price is $110.77. Mueller Industries, Inc. has a 12-month low of $66.84 and a 12-month high of $139.29. The firm has a market cap of $12.73 billion, a price-to-earnings ratio of 16.70 and a beta of 1.04.

Mueller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 13th. Mueller Industries’s payout ratio is currently 20.38%.

Insider Activity

In related news, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $116.71, for a total transaction of $116,710.00. Following the sale, the director directly owned 90,664 shares of the company’s stock, valued at $10,581,395.44. This represents a 1.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $118.97, for a total transaction of $527,037.10. Following the sale, the director owned 41,645 shares in the company, valued at approximately $4,954,505.65. This trade represents a 9.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is currently owned by corporate insiders.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.