Mueller Industries, Inc. (MLI) Stake Boosted by American International Group Inc.
American International Group Inc. lifted its stake in Mueller Industries, Inc. (NYSE:MLI) by 5.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 45,197 shares of the industrial products company’s stock after acquiring an additional 2,451 shares during the quarter. American International Group Inc. owned 0.08% of Mueller Industries worth $1,580,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. Systematic Financial Management LP increased its stake in Mueller Industries by 17.2% during the 3rd quarter. Systematic Financial Management LP now owns 381,652 shares of the industrial products company’s stock worth $13,339,000 after buying an additional 55,961 shares during the period. Rhumbline Advisers increased its stake in Mueller Industries by 3.6% during the 3rd quarter. Rhumbline Advisers now owns 143,942 shares of the industrial products company’s stock worth $5,031,000 after buying an additional 4,988 shares during the period. Municipal Employees Retirement System of Michigan increased its stake in Mueller Industries by 58.9% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 21,610 shares of the industrial products company’s stock worth $755,000 after buying an additional 8,010 shares during the period. BNP Paribas Arbitrage SA increased its stake in Mueller Industries by 49.5% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 30,460 shares of the industrial products company’s stock worth $1,065,000 after buying an additional 10,084 shares during the period. Finally, Prudential Financial Inc. increased its stake in Mueller Industries by 14.6% during the 3rd quarter. Prudential Financial Inc. now owns 379,818 shares of the industrial products company’s stock worth $13,275,000 after buying an additional 48,460 shares during the period. Hedge funds and other institutional investors own 90.17% of the company’s stock.
In other Mueller Industries news, Director John B. Hansen sold 2,000 shares of the stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $33.15, for a total value of $66,300.00. Following the sale, the director now directly owns 45,607 shares of the company’s stock, valued at approximately $1,511,872.05. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Jeffrey Andrew Martin sold 3,500 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $32.01, for a total transaction of $112,035.00. Following the completion of the sale, the chief financial officer now directly owns 111,146 shares in the company, valued at $3,557,783.46. The disclosure for this sale can be found here. 2.79% of the stock is owned by corporate insiders.
Shares of Mueller Industries, Inc. (NYSE MLI) traded up $0.28 on Thursday, reaching $35.84. 121,800 shares of the company traded hands, compared to its average volume of 172,649. Mueller Industries, Inc. has a 1 year low of $27.72 and a 1 year high of $43.96. The stock has a market cap of $2,055.55, a P/E ratio of 21.04 and a beta of 1.41. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.67 and a current ratio of 2.83.
Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 24th. The industrial products company reported $0.39 earnings per share for the quarter. Mueller Industries had a net margin of 4.39% and a return on equity of 15.68%. The firm had revenue of $550.36 million for the quarter.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 22nd. Investors of record on Friday, December 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend is Thursday, November 30th. Mueller Industries’s payout ratio is currently 23.67%.
Separately, BidaskClub downgraded shares of Mueller Industries from a “hold” rating to a “sell” rating in a research note on Friday, August 18th.
Mueller Industries Company Profile
Mueller Industries, Inc is a manufacturer of copper, brass, aluminum and plastic products. The Company operates through three segments: Piping Systems, Industrial Metals and Climate. The Company’s products include copper tube and fittings; line sets; brass and copper alloy rod, bar, and shapes; aluminum and brass forgings; aluminum impact extrusions; plastic fittings and valves; refrigeration valves and fittings; fabricated tubular products, and steel nipples.
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