Yorktown Management & Research Co Inc grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 7.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,266 shares of the industrial products company’s stock after purchasing an additional 1,800 shares during the quarter. Yorktown Management & Research Co Inc’s holdings in Mueller Industries were worth $740,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in MLI. Norges Bank bought a new position in shares of Mueller Industries during the 4th quarter valued at $17,327,000. Bowling Portfolio Management LLC bought a new position in shares of Mueller Industries during the 2nd quarter valued at $1,515,000. Bank of America Corp DE raised its holdings in shares of Mueller Industries by 54.6% during the 4th quarter. Bank of America Corp DE now owns 136,284 shares of the industrial products company’s stock valued at $3,184,000 after purchasing an additional 48,130 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Mueller Industries by 8.0% during the 4th quarter. Geode Capital Management LLC now owns 606,533 shares of the industrial products company’s stock valued at $14,168,000 after purchasing an additional 45,128 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of Mueller Industries during the 1st quarter valued at $939,000. Institutional investors and hedge funds own 91.61% of the company’s stock.
In related news, Chairman Gregory L. Christopher sold 2,804 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $31.02, for a total value of $86,980.08. Following the transaction, the chairman now directly owns 586,256 shares in the company, valued at approximately $18,185,661.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Gregory L. Christopher sold 3,009 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $31.00, for a total transaction of $93,279.00. Following the completion of the transaction, the chairman now owns 526,069 shares in the company, valued at $16,308,139. The disclosure for this sale can be found here. Insiders sold a total of 15,813 shares of company stock worth $484,359 over the last quarter. 3.30% of the stock is currently owned by company insiders.
Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, July 23rd. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.07. Mueller Industries had a net margin of 3.66% and a return on equity of 19.00%. The business had revenue of $666.93 million for the quarter. During the same quarter in the previous year, the business posted $0.58 earnings per share. The business’s quarterly revenue was up .6% compared to the same quarter last year. As a group, equities research analysts predict that Mueller Industries, Inc. will post 1.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be paid a $0.10 dividend. The ex-dividend date is Thursday, September 5th. This represents a $0.40 dividend on an annualized basis and a yield of 1.49%. Mueller Industries’s payout ratio is presently 21.51%.
A number of research analysts have recently weighed in on the stock. ValuEngine downgraded shares of Mueller Industries from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Zacks Investment Research upgraded shares of Mueller Industries from a “hold” rating to a “strong-buy” rating and set a $35.00 price target on the stock in a report on Saturday, July 27th.
About Mueller Industries
Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of domestic piping systems group, Canadian operations, European operations, trading group, Jiangsu Mueller-Xingrong Copper Industries Limited, and Jungwoo Metal Ind.
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