27,746 Shares in Mueller Industries, Inc. $MLI Bought by Argent Trust Co

Argent Trust Co purchased a new stake in Mueller Industries, Inc. (NYSE:MLI) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 27,746 shares of the industrial products company’s stock, valued at approximately $2,805,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Handelsbanken Fonder AB increased its holdings in shares of Mueller Industries by 11.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 31,148 shares of the industrial products company’s stock worth $3,149,000 after purchasing an additional 3,100 shares during the period. Banco Santander S.A. bought a new stake in shares of Mueller Industries in the third quarter valued at about $6,782,000. Choreo LLC grew its position in Mueller Industries by 43.5% during the third quarter. Choreo LLC now owns 4,003 shares of the industrial products company’s stock worth $405,000 after buying an additional 1,213 shares in the last quarter. Intech Investment Management LLC increased its stake in Mueller Industries by 19.7% during the third quarter. Intech Investment Management LLC now owns 104,867 shares of the industrial products company’s stock valued at $10,603,000 after acquiring an additional 17,276 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in Mueller Industries in the 3rd quarter valued at approximately $1,220,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MLI. Wall Street Zen lowered Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy”.

Mueller Industries Trading Down 2.0%

Shares of MLI opened at $118.00 on Friday. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $139.29. The stock has a 50 day simple moving average of $123.03 and a 200-day simple moving average of $109.89. The stock has a market cap of $13.09 billion, a PE ratio of 17.18 and a beta of 1.03.

Mueller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, March 13th. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. Mueller Industries’s dividend payout ratio (DPR) is 14.56%.

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 4,430 shares of the business’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $118.97, for a total value of $527,037.10. Following the sale, the director owned 41,645 shares in the company, valued at approximately $4,954,505.65. The trade was a 9.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $116.71, for a total transaction of $116,710.00. Following the sale, the director owned 90,664 shares of the company’s stock, valued at $10,581,395.44. This trade represents a 1.09% decrease in their position. The SEC filing for this sale provides additional information. 2.70% of the stock is currently owned by company insiders.

Mueller Industries Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.