Assenagon Asset Management S.A. Increases Position in Mueller Industries, Inc. (NYSE:MLI)

Assenagon Asset Management S.A. increased its stake in Mueller Industries, Inc. (NYSE:MLI) by 5.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,178 shares of the industrial products company’s stock after purchasing an additional 1,602 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Mueller Industries were worth $2,298,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Rhumbline Advisers grew its holdings in shares of Mueller Industries by 13.7% during the fourth quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company’s stock worth $28,895,000 after buying an additional 43,893 shares in the last quarter. US Bancorp DE grew its stake in Mueller Industries by 3.0% during the 4th quarter. US Bancorp DE now owns 18,278 shares of the industrial products company’s stock valued at $1,451,000 after purchasing an additional 537 shares in the last quarter. Congress Asset Management Co. raised its holdings in Mueller Industries by 6.5% in the fourth quarter. Congress Asset Management Co. now owns 202,636 shares of the industrial products company’s stock valued at $16,081,000 after acquiring an additional 12,450 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in Mueller Industries by 135.7% in the fourth quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company’s stock valued at $40,341,000 after acquiring an additional 292,697 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Mueller Industries by 10,616.0% during the first quarter. GAMMA Investing LLC now owns 86,800 shares of the industrial products company’s stock valued at $6,609,000 after purchasing an additional 85,990 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Price Performance

MLI stock opened at $74.01 on Tuesday. Mueller Industries, Inc. has a 1-year low of $54.01 and a 1-year high of $96.81. The firm has a fifty day moving average price of $75.45 and a two-hundred day moving average price of $78.07. The firm has a market cap of $8.19 billion, a price-to-earnings ratio of 13.94 and a beta of 1.03.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.31 by $0.08. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $1 billion. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.00 annualized dividend and a dividend yield of 1.35%. Mueller Industries’s dividend payout ratio (DPR) is 18.21%.

Insider Activity

In related news, Director Terry Hermanson sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $74.34, for a total transaction of $743,400.00. Following the completion of the sale, the director now directly owns 100,082 shares in the company, valued at approximately $7,440,095.88. This trade represents a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John B. Hansen sold 3,130 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $78.07, for a total transaction of $244,359.10. Following the sale, the director now owns 93,914 shares of the company’s stock, valued at approximately $7,331,865.98. This represents a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,613 shares of company stock worth $2,198,600. Corporate insiders own 2.70% 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.