Mutual of America Capital Management LLC Reduces Position in Mueller Industries, Inc. $MLI

Mutual of America Capital Management LLC reduced its stake in Mueller Industries, Inc. (NYSE:MLI) by 10.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 186,749 shares of the industrial products company’s stock after selling 22,737 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Mueller Industries were worth $21,439,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Mueller Industries by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 10,515,780 shares of the industrial products company’s stock valued at $1,207,212,000 after purchasing an additional 260,306 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Mueller Industries by 3.0% in the 3rd quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock valued at $570,176,000 after purchasing an additional 166,218 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Mueller Industries by 30.9% in the 4th quarter. Geode Capital Management LLC now owns 2,642,059 shares of the industrial products company’s stock valued at $303,359,000 after purchasing an additional 624,210 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Mueller Industries by 181.4% in the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock valued at $261,439,000 after purchasing an additional 1,666,891 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Mueller Industries by 4.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,426,608 shares of the industrial products company’s stock valued at $283,452,000 after purchasing an additional 96,440 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mueller Industries

In other news, CEO Gregory L. Christopher sold 103,266 shares of the business’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the completion of the transaction, the chief executive officer directly owned 804,911 shares of the company’s stock, valued at $110,506,231.19. The trade was a 11.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MLI shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Tuesday, April 21st. Northcoast Research downgraded Mueller Industries from a “buy” rating to a “neutral” rating in a research note on Thursday, May 28th. Finally, Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Mueller Industries presently has an average rating of “Moderate Buy”.

Mueller Industries Price Performance

MLI opened at $126.21 on Tuesday. The business has a 50 day simple moving average of $126.31 and a 200-day simple moving average of $120.77. The stock has a market capitalization of $13.96 billion, a P/E ratio of 16.52 and a beta of 1.09. Mueller Industries, Inc. has a 12 month low of $72.16 and a 12 month high of $141.51.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, April 21st. The industrial products company reported $2.16 EPS for the quarter, beating the consensus estimate of $1.49 by $0.67. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.The company’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period last year, the firm earned $1.39 EPS.

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, June 5th. Mueller Industries’s payout ratio is 18.32%.

Mueller Industries Company 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.