SummerHaven Investment Management LLC Boosts Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

SummerHaven Investment Management LLC boosted its position in Mueller Industries, Inc. (NYSE:MLI) by 103.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 16,423 shares of the industrial products company’s stock after purchasing an additional 8,334 shares during the period. SummerHaven Investment Management LLC’s holdings in Mueller Industries were worth $774,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its position in shares of Mueller Industries by 90.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,039,933 shares of the industrial products company’s stock valued at $237,633,000 after purchasing an additional 2,399,862 shares during the period. Pacer Advisors Inc. raised its holdings in Mueller Industries by 194.4% during the 4th quarter. Pacer Advisors Inc. now owns 2,883,088 shares of the industrial products company’s stock valued at $135,938,000 after acquiring an additional 1,903,745 shares during the period. Gates Capital Management Inc. lifted its position in shares of Mueller Industries by 53.4% during the third quarter. Gates Capital Management Inc. now owns 1,196,744 shares of the industrial products company’s stock worth $89,947,000 after acquiring an additional 416,700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Mueller Industries by 98.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,872 shares of the industrial products company’s stock worth $30,359,000 after acquiring an additional 320,187 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Mueller Industries by 6.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 597,156 shares of the industrial products company’s stock valued at $44,882,000 after purchasing an additional 36,646 shares in the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Jeffrey Andrew Martin sold 47,280 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $49.25, for a total value of $2,328,540.00. Following the transaction, the chief financial officer now directly owns 370,840 shares in the company, valued at $18,263,870. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director John B. Hansen sold 4,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $57.29, for a total value of $229,160.00. Following the completion of the transaction, the director now directly owns 104,214 shares in the company, valued at approximately $5,970,420.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jeffrey Andrew Martin sold 47,280 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $49.25, for a total value of $2,328,540.00. Following the transaction, the chief financial officer now directly owns 370,840 shares in the company, valued at $18,263,870. The disclosure for this sale can be found here. In the last 90 days, insiders sold 108,716 shares of company stock worth $5,806,311. 2.80% of the stock is currently owned by insiders.

Mueller Industries Trading Up 1.3 %

Mueller Industries stock opened at $58.05 on Tuesday. The firm’s 50 day simple moving average is $52.61 and its 200 day simple moving average is $47.29. Mueller Industries, Inc. has a 1-year low of $34.96 and a 1-year high of $59.59. The firm has a market capitalization of $6.59 billion, a PE ratio of 11.63 and a beta of 1.08.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share for the quarter. The firm had revenue of $732.38 million for the quarter. Mueller Industries had a net margin of 17.22% and a return on equity of 24.69%.

Mueller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were issued a $0.20 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.38%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.15. Mueller Industries’s dividend payout ratio (DPR) is presently 16.03%.

Analyst Ratings Changes

MLI has been the topic of a number of recent research reports. StockNews.com cut Mueller Industries from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Northcoast Research reiterated a “neutral” rating on shares of Mueller Industries in a research report on Friday, January 19th.

Mueller Industries Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.