Envestnet Asset Management Inc. Has $9.84 Million Position in Mueller Industries, Inc. (NYSE:MLI)

Envestnet Asset Management Inc. cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 45.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 123,936 shares of the industrial products company’s stock after selling 102,797 shares during the period. Envestnet Asset Management Inc. owned about 0.11% of Mueller Industries worth $9,836,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Geode Capital Management LLC raised its position in shares of Mueller Industries by 4.5% during the fourth quarter. Geode Capital Management LLC now owns 2,705,588 shares of the industrial products company’s stock worth $214,763,000 after acquiring an additional 117,327 shares during the last quarter. William Blair Investment Management LLC bought a new stake in shares of Mueller Industries in the fourth quarter worth about $201,376,000. Norges Bank bought a new position in Mueller Industries in the fourth quarter valued at approximately $117,351,000. Arrowstreet Capital Limited Partnership lifted its position in Mueller Industries by 59.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 844,287 shares of the industrial products company’s stock valued at $67,003,000 after acquiring an additional 316,095 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its position in shares of Mueller Industries by 135.7% during the fourth quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company’s stock worth $40,341,000 after buying an additional 292,697 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Down 0.2 %

Shares of MLI opened at $70.79 on Friday. The stock has a market capitalization of $7.84 billion, a P/E ratio of 13.33 and a beta of 0.96. Mueller Industries, Inc. has a twelve month low of $51.98 and a twelve month high of $96.81. The company has a 50 day moving average of $77.53 and a 200-day moving average of $79.81.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.09. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.41%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.20. The ex-dividend date was Friday, March 14th. Mueller Industries’s dividend payout ratio (DPR) is presently 18.83%.

Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 10,000 shares of the company’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value of $798,100.00. Following the transaction, the director now directly owns 56,098 shares in the company, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.70% of the company’s stock.

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.