Mueller Industries, Inc. $MLI Stock Position Cut by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL lessened its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 15.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,193,912 shares of the industrial products company’s stock after selling 404,261 shares during the quarter. Mueller Industries comprises about 2.1% of Gamco Investors INC. ET AL’s holdings, making the stock its biggest holding. Gamco Investors INC. ET AL owned about 1.98% of Mueller Industries worth $221,826,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MLI. JFS Wealth Advisors LLC increased its stake in Mueller Industries by 121.1% during the 3rd 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 lifted its holdings in 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 worth $31,000 after buying an additional 215 shares in the last quarter. Root Financial Partners LLC purchased a new position in Mueller Industries in the 3rd quarter valued at approximately $38,000. Employees Retirement System of Texas purchased a new position in Mueller Industries in the 2nd quarter valued at approximately $34,000. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Mueller Industries in the third quarter worth $46,000. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Down 1.9%

Shares of Mueller Industries stock opened at $114.71 on Friday. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $139.29. The company has a 50 day moving average of $122.96 and a 200 day moving average of $110.64. The company has a market capitalization of $12.73 billion, a P/E ratio of 16.70 and a beta of 1.04.

Mueller Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.35 per share. This is an increase from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. Mueller Industries’s dividend payout ratio is presently 14.56%.

Insiders Place Their Bets

In other Mueller Industries news, Director Scott Jay Goldman sold 4,430 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $118.97, for a total value of $527,037.10. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $116.71, for a total value 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 trade represents a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

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

About Mueller Industries

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.