Aventail Capital Group LP Purchases New Shares in Mueller Industries, Inc. $MLI

Aventail Capital Group LP purchased a new position in Mueller Industries, Inc. (NYSE:MLI) during the third quarter, Holdings Channel.com reports. The firm purchased 69,211 shares of the industrial products company’s stock, valued at approximately $6,998,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MLI. JFS Wealth Advisors LLC increased its position in shares of Mueller Industries by 121.1% in the third quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 138 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its position in shares of Mueller Industries by 228.7% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 215 shares in the last quarter. Employees Retirement System of Texas acquired a new position in Mueller Industries in the 2nd quarter worth approximately $34,000. Root Financial Partners LLC acquired a new position in Mueller Industries in the 3rd quarter worth approximately $38,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Mueller Industries by 108.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 261 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Stock Performance

MLI stock opened at $109.70 on Friday. The stock has a market cap of $12.17 billion, a P/E ratio of 15.97 and a beta of 1.04. The firm has a 50 day simple moving average of $122.61 and a 200 day simple moving average of $111.44. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $139.29.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, March 13th. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.25. Mueller Industries’s payout ratio is currently 14.56%.

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 4,430 shares of Mueller Industries stock in a transaction on Friday, February 13th. The shares were sold at an average price of $118.97, for a total transaction of $527,037.10. Following the completion of the sale, the director owned 41,645 shares of the company’s stock, valued at $4,954,505.65. This trade represents a 9.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction 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 transaction, the director owned 90,664 shares in the company, valued at approximately $10,581,395.44. This represents a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MLI. Wall Street Zen downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy”.

Mueller Industries 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.