Allianz Asset Management GmbH Has $50.10 Million Stock Holdings in Mueller Industries, Inc. $MLI

Key Points

• Allianz Asset Management GmbH has increased its stake in Mueller Industries, Inc. by 14.8%, now holding 630,441 shares valued at approximately $50.1 million.
• Mueller Industries reported a quarterly earnings result with an EPS of $1.96, exceeding analysts' expectations of $1.62 and with a year-over-year revenue increase of 14.1%.
• The company has declared a quarterly dividend of $0.25 per share, with a 1.0% dividend yield on an annualized basis and a low payout ratio of 15.87%.

Allianz Asset Management GmbH increased its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 14.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 630,441 shares of the industrial products company's stock after acquiring an additional 81,206 shares during the quarter. Allianz Asset Management GmbH owned about 0.57% of Mueller Industries worth $50,101,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Harbour Investments Inc. lifted its stake in Mueller Industries by 0.4% in the second quarter. Harbour Investments Inc. now owns 53,140 shares of the industrial products company's stock valued at $4,223,000 after buying an additional 187 shares during the period. Envestnet Portfolio Solutions Inc. bought a new position in Mueller Industries in the 2nd quarter valued at $627,000. Cascade Investment Advisors Inc. bought a new position in Mueller Industries in the 2nd quarter valued at $1,052,000. Sequoia Financial Advisors LLC lifted its position in shares of Mueller Industries by 49.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 7,314 shares of the industrial products company's stock valued at $581,000 after buying an additional 2,428 shares during the last quarter. Finally, Vest Financial LLC lifted its position in shares of Mueller Industries by 1.9% during the 2nd quarter. Vest Financial LLC now owns 576,766 shares of the industrial products company's stock valued at $45,836,000 after buying an additional 10,537 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

MLI opened at $98.58 on Friday. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $102.75. The stock has a market capitalization of $10.91 billion, a PE ratio of 15.65 and a beta of 1.02. The stock's 50 day moving average price is $97.24 and its 200-day moving average price is $84.89.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share 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 company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.12 billion. The firm's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

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

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the transaction, the director 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Mueller Industries has a consensus rating of "Buy" and a consensus target price of $105.00.

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.

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