First Trust Advisors LP Grows Holdings in Mueller Industries, Inc. $MLI

First Trust Advisors LP grew its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 3.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,639,162 shares of the industrial products company’s stock after purchasing an additional 166,218 shares during the quarter. First Trust Advisors LP owned approximately 5.08% of Mueller Industries worth $570,176,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MLI. Norges Bank bought a new stake in Mueller Industries during the 2nd quarter valued at about $127,287,000. Qube Research & Technologies Ltd bought a new position in Mueller Industries in the 2nd quarter worth about $75,901,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Mueller Industries during the third quarter worth approximately $51,789,000. Cubist Systematic Strategies LLC purchased a new position in shares of Mueller Industries during the second quarter worth approximately $36,974,000. Finally, HRT Financial LP bought a new stake in shares of Mueller Industries during the second quarter valued at approximately $30,442,000. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Stock Down 1.9%

Shares of Mueller Industries stock opened at $114.71 on Friday. The firm has a market capitalization of $12.73 billion, a P/E ratio of 16.70 and a beta of 1.04. The company has a 50 day moving average price of $122.96 and a 200 day moving average price of $110.64. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $139.29.

Mueller Industries Increases Dividend

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

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

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

Mueller Industries 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.