Geode Capital Management LLC Grows Stock Position in Mueller Industries, Inc. $MLI

Geode Capital Management LLC grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 30.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,642,059 shares of the industrial products company’s stock after purchasing an additional 624,210 shares during the quarter. Geode Capital Management LLC’s holdings in Mueller Industries were worth $303,359,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MLI. JFS Wealth Advisors LLC increased its position in shares of Mueller Industries by 121.1% during the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 138 shares during the last quarter. Activest Wealth Management purchased a new stake in shares of Mueller Industries during the 4th quarter valued at about $27,000. Cary Street Partners Investment Advisory LLC increased its position in shares of Mueller Industries by 228.7% during 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 purchasing an additional 215 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of 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 valued at $40,000 after purchasing an additional 261 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Mueller Industries during the 3rd quarter valued at about $46,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insiders Place Their Bets

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the completion of the transaction, the chief executive officer directly owned 804,911 shares in the company, valued at $110,506,231.19. This represents a 11.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.30% of the stock is owned by insiders.

Mueller Industries Trading Down 1.9%

Mueller Industries stock opened at $126.21 on Tuesday. The firm has a 50 day moving average of $126.31 and a 200 day moving average of $120.77. The firm has a market capitalization of $13.96 billion, a price-to-earnings ratio of 16.52 and a beta of 1.09. Mueller Industries, Inc. has a 12-month low of $72.16 and a 12-month high of $141.51.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.67. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.39 EPS.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, June 5th. Mueller Industries’s dividend payout ratio is currently 18.32%.

Wall Street Analyst Weigh In

Several research firms have recently commented on MLI. Wall Street Zen lowered shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. Finally, Northcoast Research lowered shares of Mueller Industries from a “buy” rating to a “neutral” rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate 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.