Gabelli Funds LLC Sells 147,200 Shares of Mueller Industries, Inc. $MLI

Gabelli Funds LLC trimmed its position in Mueller Industries, Inc. (NYSE:MLI) by 9.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,469,050 shares of the industrial products company’s stock after selling 147,200 shares during the period. Mueller Industries accounts for 1.0% of Gabelli Funds LLC’s portfolio, making the stock its 12th biggest position. Gabelli Funds LLC owned approximately 1.32% of Mueller Industries worth $148,536,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MLI. Barclays PLC lifted its position in Mueller Industries by 158.3% during the third quarter. Barclays PLC now owns 236,312 shares of the industrial products company’s stock valued at $23,894,000 after buying an additional 144,821 shares during the period. Crossmark Global Holdings Inc. grew its position in shares of Mueller Industries by 8.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,630 shares of the industrial products company’s stock worth $670,000 after buying an additional 491 shares during the period. Corient IA LLC bought a new position in shares of Mueller Industries in the 3rd quarter worth about $253,000. Montag A & Associates Inc. bought a new position in shares of Mueller Industries in the 3rd quarter worth about $117,000. Finally, Picton Mahoney Asset Management lifted its position in Mueller Industries by 9.1% during the 3rd quarter. Picton Mahoney Asset Management now owns 223,048 shares of the industrial products company’s stock valued at $22,551,000 after acquiring an additional 18,572 shares during the period. Institutional investors own 94.50% of the company’s stock.

Insider Activity at Mueller Industries

In related news, Director Scott Jay Goldman sold 4,430 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $4,954,505.65. This represents a 9.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the 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 sale, the director owned 90,664 shares in the company, valued at approximately $10,581,395.44. This represents a 1.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.70% of the company’s stock.

Analyst Upgrades and Downgrades

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

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $114.71 on Friday. The firm’s 50 day moving average price is $122.96 and its 200-day moving average price is $110.64. The company has a market cap of $12.73 billion, a PE ratio of 16.70 and a beta of 1.04. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $139.29.

Mueller Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a $0.35 dividend. 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 an increase from Mueller Industries’s previous quarterly dividend of $0.25. Mueller Industries’s dividend payout ratio (DPR) is presently 14.56%.

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.