JPMorgan Chase & Co. Sells 203,269 Shares of Mueller Industries, Inc. $MLI

JPMorgan Chase & Co. lessened its holdings in Mueller Industries, Inc. (NYSE:MLI) by 25.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 590,047 shares of the industrial products company’s stock after selling 203,269 shares during the quarter. JPMorgan Chase & Co. owned 0.53% of Mueller Industries worth $59,662,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Aviance Capital Partners LLC boosted its holdings in shares of Mueller Industries by 2.3% during the third quarter. Aviance Capital Partners LLC now owns 4,235 shares of the industrial products company’s stock worth $428,000 after purchasing an additional 97 shares during the period. Covestor Ltd grew its stake in shares of Mueller Industries by 5.1% in the third quarter. Covestor Ltd now owns 2,162 shares of the industrial products company’s stock worth $218,000 after purchasing an additional 105 shares during the last quarter. UMB Bank n.a. increased its holdings in Mueller Industries by 2.2% during the 3rd quarter. UMB Bank n.a. now owns 5,394 shares of the industrial products company’s stock valued at $545,000 after purchasing an additional 115 shares during the period. Lido Advisors LLC increased its holdings in Mueller Industries by 2.4% during the 3rd quarter. Lido Advisors LLC now owns 5,001 shares of the industrial products company’s stock valued at $506,000 after purchasing an additional 117 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in Mueller Industries by 7.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,624 shares of the industrial products company’s stock valued at $163,000 after purchasing an additional 119 shares during the last quarter. 94.50% of the stock is owned by institutional investors.

Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $118.97, for a total transaction of $527,037.10. Following the sale, the director owned 41,645 shares in the company, valued at $4,954,505.65. This represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $116.71, for a total transaction of $116,710.00. Following the sale, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.70% of the company’s stock.

Mueller Industries Trading Down 0.5%

NYSE MLI opened at $109.96 on Friday. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $139.29. The stock has a market cap of $12.20 billion, a P/E ratio of 16.01 and a beta of 1.04. The stock’s fifty day moving average price is $121.86 and its 200-day moving average price is $111.73.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.3%. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 13th. Mueller Industries’s dividend payout ratio is presently 20.38%.

Wall Street Analysts Forecast Growth

MLI has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. Wall Street Zen downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy”.

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.