denkapparat Operations GmbH Buys 2,934 Shares of Mueller Industries, Inc. $MLI

denkapparat Operations GmbH grew its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 80.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 6,588 shares of the industrial products company’s stock after purchasing an additional 2,934 shares during the quarter. denkapparat Operations GmbH’s holdings in Mueller Industries were worth $524,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group lifted its holdings in Mueller Industries by 267.3% during the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 278 shares during the last quarter. Rise Advisors LLC bought a new position in Mueller Industries during the 1st quarter worth $30,000. Maseco LLP bought a new position in Mueller Industries during the 2nd quarter worth $40,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Mueller Industries during the first quarter worth $76,000. Finally, Dagco Inc. bought a new stake in shares of Mueller Industries in the first quarter valued at about $77,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries presently has an average rating of “Buy” and an average target price of $105.00.

Mueller Industries Trading Up 0.5%

Shares of NYSE:MLI opened at $108.29 on Wednesday. The firm has a 50 day moving average of $101.26 and a 200-day moving average of $89.13. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $109.48. The stock has a market capitalization of $12.02 billion, a PE ratio of 16.16 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.99 by ($0.11). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $942.00 million. During the same quarter in the prior year, the business posted $1.48 EPS. The business’s revenue was up 8.0% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. Mueller Industries’s payout ratio is 14.93%.

Insider Buying and Selling at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $105.71, for a total value of $105,710.00. Following the sale, the director directly owned 91,664 shares of the company’s stock, valued at $9,689,801.44. This trade represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $103.42, for a total value of $5,171,000.00. Following the completion of the transaction, the chief executive officer owned 1,069,241 shares in the company, valued at approximately $110,580,904.22. This represents a 4.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 351,000 shares of company stock valued at $36,484,670. 2.70% of the stock is owned by corporate insiders.

About Mueller Industries

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.