SummerHaven Investment Management LLC Buys 8,334 Shares of Mueller Industries, Inc. (NYSE:MLI)

SummerHaven Investment Management LLC grew its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 103.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,423 shares of the industrial products company’s stock after buying an additional 8,334 shares during the period. SummerHaven Investment Management LLC’s holdings in Mueller Industries were worth $774,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. F&V Capital Management LLC increased its position in shares of Mueller Industries by 100.0% in the 4th quarter. F&V Capital Management LLC now owns 164,890 shares of the industrial products company’s stock valued at $7,775,000 after buying an additional 82,445 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of Mueller Industries in the fourth quarter worth about $2,678,000. Nisa Investment Advisors LLC increased its holdings in shares of Mueller Industries by 86.7% in the fourth quarter. Nisa Investment Advisors LLC now owns 9,850 shares of the industrial products company’s stock worth $464,000 after acquiring an additional 4,575 shares in the last quarter. Meritage Portfolio Management raised its position in shares of Mueller Industries by 297.7% during the fourth quarter. Meritage Portfolio Management now owns 20,938 shares of the industrial products company’s stock worth $987,000 after purchasing an additional 15,673 shares during the period. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of Mueller Industries by 181.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 57,165 shares of the industrial products company’s stock valued at $4,297,000 after purchasing an additional 36,835 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Mueller Industries

In related news, Director John B. Hansen sold 5,000 shares of Mueller Industries stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.33, for a total value of $246,650.00. Following the sale, the director now owns 18,000 shares of the company’s stock, valued at $887,940. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director John B. Hansen sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $49.33, for a total value of $246,650.00. Following the completion of the sale, the director now owns 18,000 shares of the company’s stock, valued at approximately $887,940. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Jeffrey Andrew Martin sold 52,436 shares of the business’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $57.25, for a total transaction of $3,001,961.00. Following the transaction, the chief financial officer now owns 313,529 shares in the company, valued at $17,949,535.25. The disclosure for this sale can be found here. Insiders sold a total of 108,716 shares of company stock worth $5,806,311 in the last three months. Insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

MLI has been the topic of several research analyst reports. Northcoast Research restated a “neutral” rating on shares of Mueller Industries in a report on Friday, January 19th. StockNews.com lowered shares of Mueller Industries from a “buy” rating to a “hold” rating in a report on Monday, January 22nd.

Mueller Industries Price Performance

MLI stock opened at $58.05 on Tuesday. The stock has a market capitalization of $6.59 billion, a P/E ratio of 11.63 and a beta of 1.08. Mueller Industries, Inc. has a fifty-two week low of $34.96 and a fifty-two week high of $59.59. The business has a 50-day moving average of $52.61 and a 200-day moving average of $47.29.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share for the quarter. Mueller Industries had a return on equity of 24.69% and a net margin of 17.22%. The firm had revenue of $732.38 million during the quarter.

Mueller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.20 dividend. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.15. This represents a $0.80 annualized dividend and a yield of 1.38%. The ex-dividend date was Thursday, March 14th. Mueller Industries’s payout ratio is presently 16.03%.

Mueller Industries Company Profile

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.