Citigroup Inc. Increases Stake in Mueller Industries, Inc. $MLI

Key Points

• Citigroup Inc. increased its stake in Mueller Industries by 10.8% in the first quarter, acquiring an additional 13,386 shares, bringing its total holdings to 137,330 shares valued at approximately $10.46 million.
• Several institutional investors, including Caisse DE Depot ET Placement DU Quebec and Northern Trust Corp, significantly increased their shares in Mueller Industries, indicating strong institutional support with 94.50% of the stock held by such investors.
• Mueller Industries announced a quarterly dividend of $0.25, representing an annualized yield of 1.1%, with a payout ratio of 15.87%, reflecting the company's solid financial performance.

Citigroup Inc. boosted its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 10.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,330 shares of the industrial products company's stock after purchasing an additional 13,386 shares during the quarter. Citigroup Inc. owned about 0.12% of Mueller Industries worth $10,456,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of Mueller Industries during the 4th quarter valued at $6,855,000. Townsquare Capital LLC boosted its stake in shares of Mueller Industries by 178.6% during the 4th quarter. Townsquare Capital LLC now owns 14,335 shares of the industrial products company's stock valued at $1,138,000 after purchasing an additional 9,189 shares in the last quarter. Barclays PLC boosted its stake in shares of Mueller Industries by 32.4% during the 4th quarter. Barclays PLC now owns 261,004 shares of the industrial products company's stock valued at $20,713,000 after purchasing an additional 63,798 shares in the last quarter. NewEdge Advisors LLC lifted its position in Mueller Industries by 10.0% during the 4th quarter. NewEdge Advisors LLC now owns 13,302 shares of the industrial products company's stock valued at $1,056,000 after acquiring an additional 1,212 shares during the period. Finally, First Trust Advisors LP lifted its position in Mueller Industries by 5.6% during the 4th quarter. First Trust Advisors LP now owns 6,214,930 shares of the industrial products company's stock valued at $493,217,000 after acquiring an additional 327,479 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the company's 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 directly owned 92,664 shares in the company, valued at $8,522,308.08. This represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.70% of the company's stock.

Mueller Industries Price Performance

NYSE MLI traded down $1.0690 during trading hours on Thursday, reaching $90.5910. 920,040 shares of the company's stock traded hands, compared to its average volume of 893,892. Mueller Industries, Inc. has a 52-week low of $65.24 and a 52-week high of $96.81. The firm has a market cap of $10.03 billion, a PE ratio of 14.38 and a beta of 1.02. The firm has a 50-day simple moving average of $84.41 and a 200 day simple moving average of $79.59.

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

Mueller Industries Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors 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 yield of 1.1%. The ex-dividend date is Friday, September 5th. Mueller Industries's payout ratio is 15.87%.

About Mueller Industries

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.