Mueller Industries, Inc. (NYSE:MLI) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 134.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 290,573 shares of the industrial products company’s stock after acquiring an additional 166,637 shares during the quarter. Envestnet Asset Management Inc. owned about 0.26% of Mueller Industries worth $22,124,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MLI. First Trust Advisors LP grew its stake in shares of Mueller Industries by 5.6% in the fourth quarter. First Trust Advisors LP now owns 6,214,930 shares of the industrial products company’s stock valued at $493,217,000 after buying an additional 327,479 shares in the last quarter. Invesco Ltd. grew its stake in shares of Mueller Industries by 50.3% in the fourth quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company’s stock valued at $221,304,000 after buying an additional 933,498 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Mueller Industries by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 2,705,588 shares of the industrial products company’s stock valued at $214,763,000 after buying an additional 117,327 shares in the last quarter. FMR LLC grew its stake in shares of Mueller Industries by 79.2% in the fourth quarter. FMR LLC now owns 1,911,689 shares of the industrial products company’s stock valued at $151,712,000 after buying an additional 845,031 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Mueller Industries by 28.3% in the fourth quarter. Northern Trust Corp now owns 1,535,625 shares of the industrial products company’s stock valued at $121,867,000 after buying an additional 338,902 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Mueller Industries

In other news, Director Terry Hermanson sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total transaction of $743,400.00. Following the completion of the sale, the director directly owned 100,082 shares of the company’s stock, valued at $7,440,095.88. This trade represents a 9.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John B. Hansen sold 3,130 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $78.07, for a total value of $244,359.10. Following the sale, the director directly owned 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. Insiders have sold a total of 29,613 shares of company stock worth $2,198,600 in the last three months. 2.70% of the stock is owned by company insiders.

Mueller Industries Stock Performance

Shares of MLI opened at $84.56 on Wednesday. The company has a market capitalization of $9.36 billion, a P/E ratio of 15.40 and a beta of 1.01. Mueller Industries, Inc. has a one year low of $61.48 and a one year high of $96.81. The stock has a 50-day moving average price of $78.51 and a 200 day moving average price of $78.06.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.08. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $1 billion. Mueller Industries had a return on equity of 23.17% and a net margin of 15.92%.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Friday, June 6th. Mueller Industries’s dividend payout ratio is currently 18.21%.

Mueller Industries 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.