Alliancebernstein L.P. Acquires 7,006 Shares of Mueller Industries, Inc. $MLI

Key Points

• Alliancebernstein L.P. increased its stake in Mueller Industries by 2.4%, acquiring an additional 7,006 shares for a total of 303,174 shares worth approximately $23 million.
• Mueller Industries reported a quarterly EPS of $1.96, surpassing analysts' estimates of $1.62, and achieved a revenue of $1.14 billion, reflecting a year-over-year growth of 14.1%.
• The company announced a quarterly dividend of $0.25, yielding 1.0%, to be paid on September 19th, with a payout ratio of 15.87%.

Alliancebernstein L.P. grew its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 2.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 303,174 shares of the industrial products company's stock after acquiring an additional 7,006 shares during the quarter. Alliancebernstein L.P. owned 0.27% of Mueller Industries worth $23,084,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MLI. Golden State Wealth Management LLC boosted its holdings in shares of Mueller Industries by 103.1% in the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after buying an additional 168 shares during the period. Brooklyn Investment Group boosted its holdings in shares of Mueller Industries by 267.3% in the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock valued at $29,000 after buying an additional 278 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Mueller Industries in the first quarter valued at approximately $34,000. Opal Wealth Advisors LLC acquired a new position in shares of Mueller Industries in the first quarter valued at approximately $40,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Mueller Industries in the fourth quarter valued at approximately $53,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Insider Buying and Selling

In related news, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the completion of the transaction, the director directly owned 92,664 shares of the company's stock, valued at approximately $8,522,308.08. This represents a 1.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.70% of the company's stock.

Mueller Industries Stock Up 2.2%

Mueller Industries stock opened at $97.52 on Thursday. The company has a 50 day moving average of $89.81 and a 200-day moving average of $81.12. The stock has a market capitalization of $10.80 billion, a PE ratio of 15.48 and a beta of 1.05. Mueller Industries, Inc. has a twelve month low of $65.24 and a twelve month high of $98.50.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.34. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The business's quarterly revenue was up 14.1% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's payout ratio is currently 15.87%.

Mueller Industries 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.

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