Nordea Investment Management AB Raises Holdings in Mueller Industries, Inc. $MLI

Nordea Investment Management AB increased its position in Mueller Industries, Inc. (NYSE:MLI) by 1.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 33,428 shares of the industrial products company’s stock after buying an additional 524 shares during the period. Nordea Investment Management AB’s holdings in Mueller Industries were worth $2,652,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Golden State Wealth Management LLC raised its position in shares of Mueller Industries by 103.1% in the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company’s stock worth $25,000 after buying an additional 168 shares during the period. Brooklyn Investment Group increased its holdings in Mueller Industries by 267.3% in the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 278 shares in the last quarter. Rise Advisors LLC acquired a new stake in Mueller Industries in the 1st quarter valued at $30,000. Wayfinding Financial LLC acquired a new stake in Mueller Industries in the 1st quarter valued at $34,000. Finally, Maseco LLP acquired a new stake in Mueller Industries in the 2nd quarter valued at $40,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Mueller Industries Price Performance

Shares of Mueller Industries stock opened at $104.22 on Thursday. The business has a 50-day moving average of $97.89 and a 200-day moving average of $85.48. The company has a market capitalization of $11.54 billion, a PE ratio of 15.55 and a beta of 1.02. Mueller Industries, Inc. has a 1-year low of $66.84 and a 1-year high of $105.27.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $1.99 by ($0.11). The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $942.00 million. Mueller Industries had a net margin of 18.10% and a return on equity of 25.65%. The firm’s revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.48 earnings per share.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders 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 annualized dividend and a dividend yield of 1.0%. Mueller Industries’s dividend payout ratio (DPR) is presently 15.87%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total value of $91,970.00. Following the transaction, the director owned 92,664 shares of the company’s stock, valued at $8,522,308.08. This trade represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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.