Handelsbanken Fonder AB Raises Position in Mueller Industries, Inc. (NYSE:MLI)

Handelsbanken Fonder AB lifted its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 100.0% during the fourth quarter, Holdings Channel reports. The fund owned 20,348 shares of the industrial products company’s stock after acquiring an additional 10,174 shares during the period. Handelsbanken Fonder AB’s holdings in Mueller Industries were worth $959,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC increased its holdings in Mueller Industries by 90.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 5,039,933 shares of the industrial products company’s stock worth $237,633,000 after purchasing an additional 2,399,862 shares during the period. Pacer Advisors Inc. increased its stake in shares of Mueller Industries by 194.4% during the fourth quarter. Pacer Advisors Inc. now owns 2,883,088 shares of the industrial products company’s stock worth $135,938,000 after buying an additional 1,903,745 shares during the period. Gates Capital Management Inc. raised its holdings in Mueller Industries by 53.4% in the third quarter. Gates Capital Management Inc. now owns 1,196,744 shares of the industrial products company’s stock valued at $89,947,000 after acquiring an additional 416,700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Mueller Industries by 98.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,872 shares of the industrial products company’s stock worth $30,359,000 after acquiring an additional 320,187 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in Mueller Industries by 140.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 303,303 shares of the industrial products company’s stock worth $14,140,000 after acquiring an additional 177,133 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Down 1.8 %

Shares of Mueller Industries stock opened at $57.33 on Monday. The firm has a market capitalization of $6.51 billion, a P/E ratio of 11.49 and a beta of 1.08. Mueller Industries, Inc. has a 52 week low of $34.08 and a 52 week high of $59.59. The firm’s 50 day moving average is $52.44 and its two-hundred day moving average is $47.14.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.05 EPS for the quarter. Mueller Industries had a net margin of 17.22% and a return on equity of 24.69%. The firm had revenue of $732.38 million for the quarter.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.40%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.15. Mueller Industries’s payout ratio is 16.03%.

Wall Street Analyst Weigh In

MLI has been the topic of a number of analyst reports. Northcoast Research restated a “neutral” rating on shares of Mueller Industries in a report on Friday, January 19th. StockNews.com cut Mueller Industries from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd.

Insider Activity

In related news, Director John B. Hansen sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $57.29, for a total transaction of $229,160.00. Following the transaction, the director now owns 104,214 shares in the company, valued at approximately $5,970,420.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director John B. Hansen sold 4,000 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $57.29, for a total value of $229,160.00. Following the completion of the sale, the director now owns 104,214 shares in the company, valued at approximately $5,970,420.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hansen sold 5,000 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $49.33, for a total transaction of $246,650.00. Following the transaction, the director now directly owns 18,000 shares in the company, valued at $887,940. The disclosure for this sale can be found here. In the last three months, insiders sold 56,280 shares of company stock valued at $2,804,350. Insiders own 2.80% of the company’s stock.

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. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.