Harbour Investments Inc. Boosts Stake in Mueller Industries, Inc. $MLI

Harbour Investments Inc. increased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 0.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,140 shares of the industrial products company’s stock after acquiring an additional 187 shares during the quarter. Harbour Investments Inc.’s holdings in Mueller Industries were worth $4,223,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Invesco Ltd. lifted its stake in Mueller Industries by 0.4% in the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company’s stock worth $213,160,000 after purchasing an additional 10,968 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Mueller Industries by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock worth $184,890,000 after buying an additional 42,599 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Mueller Industries by 15.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company’s stock worth $93,259,000 after buying an additional 166,012 shares during the last quarter. Systematic Financial Management LP grew its holdings in Mueller Industries by 1.0% in the 1st quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company’s stock valued at $72,875,000 after buying an additional 9,463 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Mueller Industries in the 1st quarter valued at $54,072,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the sale, the director owned 92,664 shares of the company’s stock, valued at $8,522,308.08. The trade was a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.70% of the company’s stock.

Mueller Industries Stock Down 0.8%

Shares of Mueller Industries stock opened at $99.15 on Thursday. The firm has a market cap of $10.98 billion, a PE ratio of 15.74 and a beta of 1.02. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $102.75. The business’s fifty day simple moving average is $96.84 and its 200-day simple moving average is $84.59.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.34. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Mueller Industries’s dividend payout ratio (DPR) is presently 15.87%.

Analyst Upgrades and Downgrades

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

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.