Mirae Asset Global Investments Co. Ltd. raised its stake in Mueller Industries, Inc. (NYSE:MLI) by 155.2% in the first quarter, HoldingsChannel.com reports. The fund owned 163,549 shares of the industrial products company’s stock after purchasing an additional 99,454 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Mueller Industries were worth $6,763,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MLI. US Bancorp DE raised its holdings in shares of Mueller Industries by 628.7% in the fourth quarter. US Bancorp DE now owns 1,800 shares of the industrial products company’s stock worth $63,000 after acquiring an additional 1,553 shares during the last quarter. SG Americas Securities LLC acquired a new position in Mueller Industries in the fourth quarter valued at $236,000. Aperio Group LLC increased its stake in Mueller Industries by 29.0% in the fourth quarter. Aperio Group LLC now owns 17,975 shares of the industrial products company’s stock valued at $631,000 after purchasing an additional 4,044 shares during the last quarter. BlackRock Inc. increased its stake in Mueller Industries by 6.3% in the fourth quarter. BlackRock Inc. now owns 8,682,635 shares of the industrial products company’s stock valued at $304,847,000 after purchasing an additional 517,632 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Mueller Industries by 9.7% in the fourth quarter. Russell Investments Group Ltd. now owns 45,038 shares of the industrial products company’s stock valued at $1,581,000 after purchasing an additional 3,970 shares during the last quarter. 88.48% of the stock is owned by institutional investors.
In other Mueller Industries news, CEO Gregory L. Christopher sold 25,000 shares of the business’s stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $48.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the chief executive officer now owns 426,165 shares of the company’s stock, valued at $20,455,920. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gregory L. Christopher sold 16,149 shares of the business’s stock in a transaction dated Friday, April 9th. The shares were sold at an average price of $44.00, for a total value of $710,556.00. Following the sale, the chief executive officer now directly owns 460,016 shares of the company’s stock, valued at approximately $20,240,704. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,149 shares of company stock valued at $3,010,556. 2.90% of the stock is owned by company insiders.
Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, April 20th. The industrial products company reported $1.11 earnings per share (EPS) for the quarter. Mueller Industries had a return on equity of 23.86% and a net margin of 6.51%. The firm had revenue of $818.15 million during the quarter. Equities analysts predict that Mueller Industries, Inc. will post 4.1 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 18th. Shareholders of record on Friday, June 4th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date of this dividend was Thursday, June 3rd. Mueller Industries’s dividend payout ratio (DPR) is presently 21.14%.
Separately, Zacks Investment Research lowered Mueller Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday.
About Mueller Industries
Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. The company's Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.
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