Gamco Investors INC. ET AL Has $206.48 Million Holdings in Mueller Industries, Inc. $MLI

Gamco Investors INC. ET AL reduced its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 2.4% during the second quarter, Holdings Channel.com reports. The fund owned 2,598,173 shares of the industrial products company’s stock after selling 65,229 shares during the quarter. Mueller Industries accounts for approximately 2.0% of Gamco Investors INC. ET AL’s investment portfolio, making the stock its 2nd largest position. Gamco Investors INC. ET AL’s holdings in Mueller Industries were worth $206,477,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jump Financial LLC bought a new position in shares of Mueller Industries during the 2nd quarter valued at about $7,286,000. Diametric Capital LP acquired a new stake in Mueller Industries during the second quarter valued at approximately $1,077,000. Walleye Capital LLC lifted its stake in Mueller Industries by 420.3% during the second quarter. Walleye Capital LLC now owns 8,007 shares of the industrial products company’s stock valued at $636,000 after purchasing an additional 6,468 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Mueller Industries by 65.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,136 shares of the industrial products company’s stock worth $90,000 after buying an additional 449 shares in the last quarter. Finally, CW Advisors LLC grew its position in Mueller Industries by 4.0% in the second quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock worth $289,000 after buying an additional 140 shares during the last quarter. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Trading Up 0.4%

MLI stock opened at $113.46 on Friday. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $113.57. The firm has a 50-day moving average of $104.87 and a two-hundred day moving average of $93.17. The firm has a market capitalization of $12.60 billion, a PE ratio of 16.93 and a beta of 1.04.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, October 21st. The industrial products company reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). The firm 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 25.02%. The firm’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.48 EPS.

Mueller Industries Dividend Announcement

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

Insider Activity

In related news, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total transaction of $459,981.76. Following the transaction, the director directly owned 41,745 shares of the company’s stock, valued at approximately $4,535,176.80. The trade was a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the 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 completion of the sale, the director directly owned 91,664 shares of the company’s stock, valued at approximately $9,689,801.44. This represents a 1.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 355,234 shares of company stock worth $36,944,652 over the last quarter. Corporate insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

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