Mueller Industries, Inc. (NYSE:MLI) Shares Acquired by Citigroup Inc.

Citigroup Inc. boosted its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 48.1% in the third quarter, HoldingsChannel reports. The firm owned 147,833 shares of the industrial products company’s stock after purchasing an additional 48,045 shares during the quarter. Citigroup Inc.’s holdings in Mueller Industries were worth $10,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in Mueller Industries by 27.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after buying an additional 315,490 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Mueller Industries by 3.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 102,417 shares of the industrial products company’s stock valued at $7,589,000 after purchasing an additional 3,497 shares during the last quarter. Intech Investment Management LLC lifted its position in Mueller Industries by 32.2% in the 3rd quarter. Intech Investment Management LLC now owns 63,248 shares of the industrial products company’s stock valued at $4,687,000 after purchasing an additional 15,407 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Mueller Industries by 5.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 36,174 shares of the industrial products company’s stock valued at $2,680,000 after purchasing an additional 1,900 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Mueller Industries in the 3rd quarter worth about $1,922,000. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Trading Down 0.6 %

Shares of NYSE:MLI opened at $80.83 on Friday. The firm’s 50 day moving average is $80.22 and its two-hundred day moving average is $68.83. The firm has a market capitalization of $9.19 billion, a P/E ratio of 15.70 and a beta of 1.01. Mueller Industries, Inc. has a 52 week low of $40.52 and a 52 week high of $96.81.

Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.16. Mueller Industries had a return on equity of 23.25% and a net margin of 16.39%. The firm had revenue of $997.80 million for the quarter, compared to the consensus estimate of $936.00 million. The company’s revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, December 6th. This represents a $0.80 annualized dividend and a yield of 0.99%. Mueller Industries’s payout ratio is 15.53%.

Insiders Place Their Bets

In related news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total transaction of $83,090.00. Following the sale, the director now owns 94,914 shares of the company’s stock, valued at $7,886,404.26. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the sale, the director now owns 17,733 shares of the company’s stock, valued at $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

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.