Assenagon Asset Management S.A. Increases Stake in Mueller Industries, Inc. $MLI

Key Points

• Assenagon Asset Management S.A. increased its stake in Mueller Industries, Inc. by 12.1% during the second quarter, owning a total of 33,828 shares valued at approximately $2.69 million.
• Mueller Industries reported quarterly earnings of $1.96 EPS, exceeding estimates and showing a 14.1% increase in revenue compared to the same quarter last year.
• The company announced a quarterly dividend of $0.25 per share, reflecting a 1.0% dividend yield with a payout ratio of 15.87%.

Assenagon Asset Management S.A. increased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 12.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,828 shares of the industrial products company's stock after buying an additional 3,650 shares during the period. Assenagon Asset Management S.A.'s holdings in Mueller Industries were worth $2,688,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC grew its holdings in Mueller Industries by 103.1% during the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock worth $25,000 after acquiring an additional 168 shares in the last quarter. Brooklyn Investment Group grew its holdings in Mueller Industries by 267.3% during the 1st quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock worth $29,000 after acquiring an additional 278 shares in the last quarter. Rise Advisors LLC acquired a new position in Mueller Industries during the 1st quarter worth approximately $30,000. Wayfinding Financial LLC acquired a new position in Mueller Industries during the 1st quarter worth approximately $34,000. Finally, Opal Wealth Advisors LLC acquired a new position in Mueller Industries during the 1st quarter worth approximately $40,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John B. Hansen sold 1,000 shares of the company's stock in a transaction 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. This represents a 1.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.70% of the company's stock.

Mueller Industries Stock Up 0.4%

NYSE MLI opened at $100.01 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 $11.07 billion, a PE ratio of 15.87 and a beta of 1.05. The firm has a 50 day moving average of $93.12 and a two-hundred day moving average of $82.62.

Mueller Industries (NYSE:MLI - Get Free Report) last posted 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 net margin of 17.48% and a return on equity of 24.47%. The company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.12 billion. The business's revenue for the quarter was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.