Citigroup Inc. Raises Stake in Mueller Industries, Inc. $MLI

Citigroup Inc. grew its stake in Mueller Industries, Inc. (NYSE:MLI) by 249.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 317,020 shares of the industrial products company’s stock after acquiring an additional 226,376 shares during the quarter. Citigroup Inc. owned about 0.29% of Mueller Industries worth $32,054,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Aviance Capital Partners LLC increased its position in Mueller Industries by 2.3% during the third quarter. Aviance Capital Partners LLC now owns 4,235 shares of the industrial products company’s stock worth $428,000 after purchasing an additional 97 shares during the last quarter. Covestor Ltd boosted its holdings in Mueller Industries by 5.1% in the 3rd quarter. Covestor Ltd now owns 2,162 shares of the industrial products company’s stock valued at $218,000 after purchasing an additional 105 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Mueller Industries by 2.2% in the 3rd quarter. UMB Bank n.a. now owns 5,394 shares of the industrial products company’s stock valued at $545,000 after buying an additional 115 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Mueller Industries by 7.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,624 shares of the industrial products company’s stock worth $163,000 after buying an additional 119 shares during the last quarter. Finally, Wedbush Securities Inc. raised its position in shares of Mueller Industries by 3.9% during the 2nd quarter. Wedbush Securities Inc. now owns 3,545 shares of the industrial products company’s stock valued at $282,000 after buying an additional 134 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Activity

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $116.71, for a total transaction of $116,710.00. Following the sale, the director directly owned 90,664 shares in the company, valued at $10,581,395.44. This represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Jay Goldman sold 4,430 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $118.97, for a total transaction of $527,037.10. Following the completion of the transaction, the director directly owned 41,645 shares of the company’s stock, valued at approximately $4,954,505.65. The trade was a 9.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.70% of the company’s stock.

Mueller Industries Stock Performance

Mueller Industries stock opened at $118.65 on Thursday. The company has a market capitalization of $13.17 billion, a PE ratio of 17.27 and a beta of 1.03. Mueller Industries, Inc. has a fifty-two week low of $66.84 and a fifty-two week high of $139.29. The firm has a 50 day moving average price of $122.82 and a 200 day moving average price of $109.50.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a dividend of $0.35 per share. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 13th. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. Mueller Industries’s dividend payout ratio (DPR) is 14.56%.

Analysts Set New Price Targets

MLI has been the subject of several analyst reports. Wall Street Zen lowered Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy”.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.