Grantham Mayo Van Otterloo & Co. LLC Grows Position in Mueller Industries, Inc. $MLI

Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 33.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 46,202 shares of the industrial products company’s stock after purchasing an additional 11,484 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Mueller Industries were worth $4,671,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. JFS Wealth Advisors LLC raised its stake 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 buying an additional 138 shares during the period. Cary Street Partners Investment Advisory LLC grew its stake 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 acquiring an additional 215 shares during the period. Root Financial Partners LLC purchased a new stake in Mueller Industries in the 3rd quarter worth approximately $38,000. Employees Retirement System of Texas purchased a new stake in Mueller Industries in the 2nd quarter worth approximately $34,000. Finally, Atlantic Union Bankshares Corp bought a new stake in Mueller Industries during the 3rd quarter worth approximately $46,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MLI. Wall Street Zen downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy”.

Insider Buying and Selling

In other news, Director John B. Hansen sold 1,000 shares of Mueller Industries 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 owned 90,664 shares in the company, valued at $10,581,395.44. This trade represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Scott Jay Goldman sold 4,430 shares of the business’s stock in a transaction 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 completion of the transaction, the director directly owned 41,645 shares in the company, valued at $4,954,505.65. This trade represents a 9.61% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 2.70% of the company’s stock.

Mueller Industries Trading Down 0.0%

NYSE:MLI opened at $114.57 on Tuesday. Mueller Industries, Inc. has a 12-month low of $66.84 and a 12-month high of $139.29. The stock has a 50-day moving average price of $122.90 and a 200 day moving average price of $111.08. The stock has a market capitalization of $12.71 billion, a P/E ratio of 16.68 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 $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.2%. 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 dividend payout ratio is currently 14.56%.

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.