Mueller Industries, Inc. $MLI Shares Purchased by Alliancebernstein L.P.

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. increased its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 303,174 shares of the industrial products company's stock after buying an additional 7,006 shares during the quarter. Alliancebernstein L.P. owned about 0.27% of Mueller Industries worth $23,084,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its stake in Mueller Industries by 329.0% during the first quarter. AQR Capital Management LLC now owns 588,428 shares of the industrial products company's stock worth $43,926,000 after acquiring an additional 451,261 shares during the last quarter. Advisors Asset Management Inc. lifted its position in Mueller Industries by 6.3% in the first quarter. Advisors Asset Management Inc. now owns 41,061 shares of the industrial products company's stock valued at $3,126,000 after buying an additional 2,450 shares during the last quarter. Federation des caisses Desjardins du Quebec increased its position in shares of Mueller Industries by 1.5% during the first quarter. Federation des caisses Desjardins du Quebec now owns 24,411 shares of the industrial products company's stock valued at $1,859,000 after acquiring an additional 366 shares during the last quarter. EP Wealth Advisors LLC raised its stake in shares of Mueller Industries by 6.0% in the 1st quarter. EP Wealth Advisors LLC now owns 3,923 shares of the industrial products company's stock valued at $299,000 after acquiring an additional 222 shares during the period. Finally, Focus Partners Advisor Solutions LLC lifted its holdings in shares of Mueller Industries by 64.4% in the 1st quarter. Focus Partners Advisor Solutions LLC now owns 6,080 shares of the industrial products company's stock worth $463,000 after acquiring an additional 2,382 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Trading Up 0.0%

Mueller Industries stock traded up $0.04 during trading on Tuesday, hitting $98.86. The company had a trading volume of 966,754 shares, compared to its average volume of 697,149. The stock has a market cap of $10.94 billion, a price-to-earnings ratio of 15.69 and a beta of 1.05. Mueller Industries, Inc. has a 1-year low of $66.84 and a 1-year high of $99.93. The company's 50 day simple moving average is $91.06 and its 200-day simple moving average is $81.67.

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

Mueller Industries Announces Dividend

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

Insider Activity at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total value of $91,970.00. Following the completion of the transaction, the director owned 92,664 shares in the company, valued at approximately $8,522,308.08. The trade was 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. Insiders own 2.70% of the company's stock.

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.