Bancreek Capital Management LP Sells 4,485 Shares of Mueller Industries, Inc. $MLI

Bancreek Capital Management LP trimmed its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 7.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,467 shares of the industrial products company’s stock after selling 4,485 shares during the period. Mueller Industries comprises 12.2% of Bancreek Capital Management LP’s investment portfolio, making the stock its biggest holding. Bancreek Capital Management LP owned approximately 0.05% of Mueller Industries worth $5,810,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Mueller Industries in the second quarter worth $127,287,000. Qube Research & Technologies Ltd acquired a new position in shares of Mueller Industries during the 2nd quarter worth $75,901,000. Vaughan Nelson Investment Management L.P. purchased a new position in shares of Mueller Industries in the 3rd quarter valued at about $51,789,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Mueller Industries in the second quarter valued at about $36,974,000. Finally, HRT Financial LP acquired a new stake in shares of Mueller Industries in the second quarter valued at about $30,442,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John B. Hansen sold 1,000 shares of Mueller Industries 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 completion of the sale, the director directly owned 90,664 shares in the company, valued at $10,581,395.44. The trade was a 1.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction, the director directly owned 41,645 shares in the company, valued at approximately $4,954,505.65. This represents a 9.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MLI shares. Wall Street Zen cut shares of 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 note on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy”.

Mueller Industries Price Performance

MLI stock opened at $118.07 on Tuesday. The company’s 50 day simple moving average is $122.57 and its 200-day simple moving average is $109.22. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $139.29. The firm has a market capitalization of $13.11 billion, a PE ratio of 17.19 and a beta of 1.03.

Mueller Industries Increases Dividend

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

About Mueller Industries

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.