Royce & Associates LP Sells 100,517 Shares of Mueller Industries, Inc. $MLI

Royce & Associates LP cut its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 19.2% in the third quarter, Holdings Channel reports. The institutional investor owned 424,224 shares of the industrial products company’s stock after selling 100,517 shares during the period. Royce & Associates LP’s holdings in Mueller Industries were worth $42,893,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MLI. JFS Wealth Advisors LLC grew its stake 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 worth $25,000 after acquiring an additional 138 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in Mueller Industries by 228.7% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 215 shares during the last quarter. Root Financial Partners LLC bought a new position in Mueller Industries in the third quarter valued at $38,000. Employees Retirement System of Texas bought a new position in Mueller Industries in the second quarter valued at $34,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in Mueller Industries in the 3rd quarter valued at $46,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Stock Performance

Shares of MLI stock opened at $118.00 on Friday. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $139.29. The stock has a market cap of $13.09 billion, a price-to-earnings ratio of 17.18 and a beta of 1.03. The firm’s 50-day moving average is $123.03 and its 200-day moving average is $109.89.

Mueller Industries Increases Dividend

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction on Monday, February 9th. The stock was sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the sale, the director owned 90,664 shares of the company’s stock, valued at $10,581,395.44. This trade represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction dated 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 transaction, the director directly owned 41,645 shares in the company, valued at $4,954,505.65. The trade was a 9.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is currently owned by insiders.

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.