Swiss National Bank Decreases Stake in Mueller Industries, Inc. (NYSE:MLI)

Swiss National Bank reduced its holdings in Mueller Industries, Inc. (NYSE:MLI) by 10.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 110,500 shares of the industrial products company’s stock after selling 12,700 shares during the period. Swiss National Bank owned approximately 0.19% of Mueller Industries worth $8,120,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. U.S. Capital Wealth Advisors LLC purchased a new position in shares of Mueller Industries in the fourth quarter worth about $36,000. Point72 Hong Kong Ltd purchased a new position in shares of Mueller Industries in the second quarter worth about $40,000. Federated Hermes Inc. lifted its stake in shares of Mueller Industries by 54.9% in the third quarter. Federated Hermes Inc. now owns 841 shares of the industrial products company’s stock worth $50,000 after buying an additional 298 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in shares of Mueller Industries in the fourth quarter worth about $52,000. Finally, EMC Capital Management purchased a new position in shares of Mueller Industries in the fourth quarter worth about $84,000. 95.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of Mueller Industries in a research note on Thursday, August 17th. They set a “hold” rating on the stock.

Mueller Industries Price Performance

Shares of MLI stock opened at $76.22 on Friday. The firm’s 50-day moving average is $82.44 and its two-hundred day moving average is $76.91. Mueller Industries, Inc. has a 12 month low of $57.10 and a 12 month high of $91.93. The company has a market capitalization of $4.33 billion, a PE ratio of 6.69 and a beta of 1.09.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 25th. The industrial products company reported $3.12 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.72. The company had revenue of $897.00 million for the quarter, compared to the consensus estimate of $1.04 billion. Mueller Industries had a net margin of 17.46% and a return on equity of 33.92%. The firm’s revenue for the quarter was down 22.0% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Thursday, August 31st. Mueller Industries’s payout ratio is 10.54%.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 2,500 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $78.33, for a total transaction of $195,825.00. Following the transaction, the director now directly owns 59,681 shares in the company, valued at $4,674,812.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Mueller Industries news, Director John B. Hansen sold 2,500 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $78.33, for a total transaction of $195,825.00. Following the transaction, the director now directly owns 59,681 shares in the company, valued at $4,674,812.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gregory L. Christopher sold 6,449 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $78.06, for a total value of $503,408.94. Following the transaction, the chief executive officer now owns 72,260 shares in the company, valued at $5,640,615.60. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Mueller Industries Company Profile

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. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The 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.