Pallas Capital Advisors LLC Increases Position in Mueller Industries, Inc. $MLI

Pallas Capital Advisors LLC increased its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 88.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,344 shares of the industrial products company’s stock after buying an additional 4,853 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Mueller Industries were worth $1,187,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MLI. Aviance Capital Partners LLC raised its stake in Mueller Industries by 2.3% during the 3rd quarter. Aviance Capital Partners LLC now owns 4,235 shares of the industrial products company’s stock valued at $428,000 after acquiring an additional 97 shares during the last quarter. Covestor Ltd lifted its position in Mueller Industries by 5.1% during the 3rd quarter. Covestor Ltd now owns 2,162 shares of the industrial products company’s stock worth $218,000 after acquiring an additional 105 shares during the period. 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 purchasing an additional 115 shares during the last quarter. Lido Advisors LLC grew its stake in shares of Mueller Industries by 2.4% in the 3rd quarter. Lido Advisors LLC now owns 5,001 shares of the industrial products company’s stock valued at $506,000 after purchasing an additional 117 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Mueller Industries by 7.9% in the third quarter. Smartleaf Asset Management LLC now owns 1,624 shares of the industrial products company’s stock valued at $163,000 after purchasing an additional 119 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Stock Down 0.0%

Shares of NYSE:MLI opened at $108.40 on Monday. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $139.29. The company has a 50-day moving average price of $119.72 and a 200 day moving average price of $112.51. The company has a market cap of $11.98 billion, a P/E ratio of 15.78 and a beta of 1.04.

Mueller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. This is an increase from Mueller Industries’s previous quarterly dividend of $0.25. Mueller Industries’s payout ratio is 20.38%.

Analysts Set New Price Targets

Several research firms have recently commented on MLI. Wall Street Zen cut Mueller Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, Mueller Industries currently has a consensus rating of “Buy”.

Insider Activity at Mueller Industries

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

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.