Victory Capital Management Inc. reduced its stake in Mueller Industries, Inc. (NYSE:MLI) by 11.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,409,830 shares of the industrial products company’s stock after selling 175,950 shares during the period. Victory Capital Management Inc.’s holdings in Mueller Industries were worth $44,184,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Quantamental Technologies LLC acquired a new stake in shares of Mueller Industries in the 4th quarter valued at approximately $97,000. Convergence Investment Partners LLC acquired a new stake in shares of Mueller Industries in the 1st quarter valued at approximately $198,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Mueller Industries in the 1st quarter valued at approximately $216,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in shares of Mueller Industries in the 1st quarter valued at approximately $219,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in shares of Mueller Industries in the 1st quarter valued at approximately $240,000. Institutional investors own 92.75% of the company’s stock.
MLI opened at $28.44 on Wednesday. Mueller Industries, Inc. has a 1-year low of $21.49 and a 1-year high of $34.24. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.99 and a current ratio of 3.56. The company has a market capitalization of $1.58 billion, a PE ratio of 15.29 and a beta of 1.37.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Investors of record on Friday, June 7th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.41%. Mueller Industries’s dividend payout ratio is presently 21.51%.
In related news, Chairman Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, February 28th. The shares were sold at an average price of $32.69, for a total transaction of $1,634,500.00. Following the sale, the chairman now directly owns 406,069 shares in the company, valued at approximately $13,274,395.61. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Scott Jay Goldman sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $32.75, for a total transaction of $32,750.00. Following the sale, the director now owns 10,700 shares in the company, valued at $350,425. The disclosure for this sale can be found here. 3.30% of the stock is owned by company insiders.
A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Mueller Industries from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Thursday, February 7th. ValuEngine upgraded shares of Mueller Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, February 5th. Finally, TheStreet upgraded shares of Mueller Industries from a “c+” rating to a “b” rating in a research note on Wednesday, February 6th.
Mueller Industries Profile
Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, and line sets for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems.
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