Mueller Industries, Inc. $MLI Shares Bought by Citigroup Inc.

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

Several other institutional investors and hedge funds have also made changes to their positions in the stock. First Trust Advisors LP lifted its stake in shares of Mueller Industries by 5.6% during the fourth quarter. First Trust Advisors LP now owns 6,214,930 shares of the industrial products company's stock worth $493,217,000 after buying an additional 327,479 shares during the period. Northern Trust Corp lifted its stake in shares of Mueller Industries by 28.3% during the fourth quarter. Northern Trust Corp now owns 1,535,625 shares of the industrial products company's stock worth $121,867,000 after buying an additional 338,902 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Mueller Industries by 169.1% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,058,830 shares of the industrial products company's stock worth $84,029,000 after buying an additional 665,413 shares during the period. Systematic Financial Management LP lifted its stake in shares of Mueller Industries by 0.9% during the fourth quarter. Systematic Financial Management LP now owns 947,650 shares of the industrial products company's stock worth $75,206,000 after buying an additional 8,308 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Mueller Industries by 5.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 845,344 shares of the industrial products company's stock worth $67,087,000 after buying an additional 45,672 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total transaction 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. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.70% of the stock is owned by corporate insiders.

Mueller Industries Trading Down 1.1%

Shares of NYSE:MLI traded down $0.99 on Wednesday, hitting $91.59. 199,197 shares of the company were exchanged, compared to its average volume of 1,009,054. Mueller Industries, Inc. has a 1-year low of $65.24 and a 1-year high of $96.81. The stock's 50 day moving average price is $83.86 and its 200 day moving average price is $79.42. The firm has a market capitalization of $10.14 billion, a P/E ratio of 14.55 and a beta of 1.02.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. The firm's revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

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. The ex-dividend date is Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Mueller Industries's payout ratio is currently 15.87%.

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.