Envestnet Asset Management Inc. Grows Holdings in Mueller Industries, Inc. (NYSE:MLI)

Envestnet Asset Management Inc. raised its position in Mueller Industries, Inc. (NYSE:MLI) by 25.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,448 shares of the industrial products company’s stock after purchasing an additional 6,792 shares during the period. Envestnet Asset Management Inc.’s holdings in Mueller Industries were worth $1,449,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in shares of Mueller Industries by 4.8% during the 1st quarter. BlackRock Inc. now owns 9,096,923 shares of the industrial products company’s stock worth $376,157,000 after acquiring an additional 414,288 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Mueller Industries by 167.5% during the 1st quarter. Prudential Financial Inc. now owns 370,809 shares of the industrial products company’s stock worth $15,333,000 after acquiring an additional 232,170 shares during the period. Royce & Associates LP lifted its holdings in shares of Mueller Industries by 19.2% during the 1st quarter. Royce & Associates LP now owns 934,661 shares of the industrial products company’s stock worth $38,648,000 after acquiring an additional 150,252 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Mueller Industries by 155.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,549 shares of the industrial products company’s stock worth $6,763,000 after acquiring an additional 99,454 shares during the period. Finally, HRT Financial LP purchased a new position in shares of Mueller Industries during the 1st quarter worth about $3,182,000. Institutional investors own 88.32% of the company’s stock.

NYSE MLI opened at $40.39 on Wednesday. Mueller Industries, Inc. has a one year low of $26.07 and a one year high of $48.06. The company’s 50 day moving average price is $43.14 and its 200 day moving average price is $43.88. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.92 and a current ratio of 2.99. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 9.12 and a beta of 1.16.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, July 20th. The industrial products company reported $1.92 EPS for the quarter. Mueller Industries had a net margin of 8.03% and a return on equity of 31.43%. The firm had revenue of $1.01 billion for the quarter. Sell-side analysts forecast that Mueller Industries, Inc. will post 6.25 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 17th. Shareholders of record on Friday, September 3rd were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend was Thursday, September 2nd. Mueller Industries’s dividend payout ratio (DPR) is 21.14%.

Separately, Zacks Investment Research lowered shares of Mueller Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday.

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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Institutional Ownership by Quarter for Mueller Industries (NYSE:MLI)

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