M&T Bank Corp Acquires Shares of 6,123 Mueller Industries, Inc. $MLI

M&T Bank Corp acquired a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 6,123 shares of the industrial products company’s stock, valued at approximately $703,000.

Other hedge funds have also bought and sold shares of the company. JFS Wealth Advisors LLC increased its position in Mueller Industries by 121.1% during the third quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 138 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its position in Mueller Industries by 228.7% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 215 shares during the last quarter. Root Financial Partners LLC bought a new position in Mueller Industries during the third quarter valued at $38,000. Atlantic Union Bankshares Corp bought a new position in Mueller Industries during the third quarter valued at $46,000. Finally, Trust Co. of Vermont bought a new position in Mueller Industries during the fourth quarter valued at $52,000. Institutional investors own 94.50% of the company’s stock.

Insider Transactions at Mueller Industries

In related news, Director Scott Jay Goldman sold 4,430 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $118.97, for a total value of $527,037.10. Following the completion of the sale, the director directly owned 41,645 shares of the company’s stock, valued at $4,954,505.65. This represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the completion of the sale, the chief executive officer directly owned 804,911 shares of the company’s stock, valued at approximately $110,506,231.19. This trade represents a 11.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wall Street Zen cut shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Mueller Industries currently has an average rating of “Buy”.

Mueller Industries Price Performance

NYSE:MLI opened at $140.49 on Tuesday. Mueller Industries, Inc. has a 1-year low of $72.16 and a 1-year high of $141.51. The company has a 50-day moving average of $120.26 and a 200 day moving average of $117.79. The firm has a market cap of $15.53 billion, a PE ratio of 18.39 and a beta of 1.13.

Mueller Industries (NYSE:MLI) last released its quarterly earnings data on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.67. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period in the prior year, the firm earned $1.39 earnings per share. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.40 dividend on an annualized basis and a yield of 1.0%. Mueller Industries’s dividend payout ratio is 18.32%.

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.