9,643 Shares in Mueller Industries, Inc. $MLI Purchased by Novem Group

Key Points

• Novem Group bought a new position of 9,643 shares in Mueller Industries (NYSE:MLI) during Q4 worth about $1.107 million, while large institutions like AQR and UBS dramatically increased stakes — institutional investors now own approximately 94.5% of the company.
• Mueller reported a strong quarter with EPS $2.16 vs. $1.49 expected and revenue of $1.19 billion (up 19.3% YoY), and the company raised its quarterly dividend to $0.35 (annualized $1.40; yield ~1.0%).
• Insider activity shows recent selling: Director John B. Hansen sold 1,000 shares and Director Scott Jay Goldman sold 4,430 shares, trimming their holdings by about 1.09% and 9.61%, respectively.

Novem Group bought a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 9,643 shares of the industrial products company's stock, valued at approximately $1,107,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC boosted its position in shares of Mueller Industries by 181.4% during 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 acquiring an additional 1,666,891 shares during the last quarter. UBS Group AG increased its position in shares of Mueller Industries by 837.0% in the third quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company's stock worth $129,819,000 after purchasing an additional 1,146,919 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new position in shares of Mueller Industries in the third quarter worth approximately $51,789,000. Bank of America Corp DE raised its stake in Mueller Industries by 61.3% in the third quarter. Bank of America Corp DE now owns 1,183,143 shares of the industrial products company's stock valued at $119,628,000 after purchasing an additional 449,619 shares in the last quarter. Finally, Amundi purchased a new stake in Mueller Industries in the third quarter valued at approximately $28,698,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Insider Activity at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of the stock in a transaction 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 transaction, the director owned 90,664 shares of the company's stock, valued at approximately $10,581,395.44. This trade represents a 1.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Jay Goldman sold 4,430 shares of Mueller Industries stock in a transaction on Friday, February 13th. The stock was sold at an average price of $118.97, for a total transaction of $527,037.10. Following the completion of the transaction, 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 SEC filing for this sale provides additional information. Company insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

MLI has been the subject of a number of research reports. Wall Street Zen cut shares of Mueller Industries from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. Weiss Ratings restated a "buy (b)" rating on shares of Mueller Industries in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Mueller Industries currently has a consensus rating of "Buy".

Mueller Industries Trading Up 11.4%

MLI opened at $134.70 on Wednesday. The stock has a market capitalization of $14.89 billion, a P/E ratio of 19.61 and a beta of 1.07. The stock has a 50-day moving average price of $116.04 and a 200-day moving average price of $114.63. Mueller Industries, Inc. has a 12-month low of $68.39 and a 12-month high of $139.29.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.49 by $0.67. The company had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.10 billion. Mueller Industries had a return on equity of 24.70% and a net margin of 18.31%.Mueller Industries's revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period last year, the firm posted $1.39 EPS.

Mueller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. This is a boost from Mueller Industries's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, March 13th. Mueller Industries's payout ratio is 20.38%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.