Allspring Global Investments Holdings LLC Acquires 96,440 Shares of Mueller Industries, Inc. $MLI

Key Points

• Allspring Global Investments raised its stake in Mueller Industries by 4.1% in Q4, buying 96,440 shares to hold 2,426,608 shares (≈2.19%) worth about $283.45M, while institutional investors collectively own roughly 94.5% of the company.
• Mueller Industries increased its quarterly dividend from $0.25 to $0.35 (paid Mar 27), equal to a $1.40 annualized dividend, a ~1.3% yield and a 20.38% payout ratio.
• Two directors recently sold stock—Scott Jay Goldman sold 4,430 shares at an average $118.97 and John B. Hansen sold 1,000 shares at $116.71—leaving insiders with about 2.7% ownership.

Allspring Global Investments Holdings LLC grew its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 4.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,426,608 shares of the industrial products company's stock after acquiring an additional 96,440 shares during the period. Allspring Global Investments Holdings LLC owned about 2.19% of Mueller Industries worth $283,452,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. First Trust Advisors LP raised its position in shares of Mueller Industries by 3.0% during the 3rd quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company's stock valued at $570,176,000 after buying an additional 166,218 shares in the last quarter. AQR Capital Management LLC increased its holdings in Mueller Industries by 181.4% during the third quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company's stock valued at $261,439,000 after buying an additional 1,666,891 shares during the period. Norges Bank bought a new position in Mueller Industries in the second quarter worth approximately $127,287,000. UBS Group AG lifted its holdings in Mueller Industries by 837.0% during the third quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company's stock worth $129,819,000 after buying an additional 1,146,919 shares during the period. Finally, Bank of America Corp DE boosted its position in Mueller Industries by 61.3% during the 3rd 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 acquiring an additional 449,619 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company's stock.

Insider Buying and Selling

In other Mueller Industries news, Director Scott Jay Goldman sold 4,430 shares of Mueller Industries stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $118.97, for a total transaction of $527,037.10. Following the completion of the sale, the director directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the company's 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 completion of the sale, the director directly owned 90,664 shares in the company, valued at approximately $10,581,395.44. The trade was a 1.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.70% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MLI shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a report on Thursday, January 22nd. Wall Street Zen cut Mueller Industries from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries presently has an average rating of "Buy".

Mueller Industries Stock Down 0.5%

Shares of Mueller Industries stock opened at $107.94 on Tuesday. The company has a 50 day moving average price of $119.22 and a 200 day moving average price of $112.57. The firm has a market capitalization of $11.93 billion, a P/E ratio of 15.71 and a beta of 1.04. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $139.29.

Mueller Industries Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were paid a $0.35 dividend. The ex-dividend date was Friday, March 13th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. Mueller Industries's dividend payout ratio (DPR) is 20.38%.

About Mueller Industries

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.

Want to see what other hedge funds are holding MLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mueller Industries, Inc. (NYSE:MLI - Free Report).

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.