DAVENPORT & Co LLC Buys 25,096 Shares of Mueller Industries, Inc. (NYSE:MLI)

DAVENPORT & Co LLC raised its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 251.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,096 shares of the industrial products company's stock after buying an additional 25,096 shares during the period. DAVENPORT & Co LLC's holdings in Mueller Industries were worth $2,672,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in MLI. William Blair Investment Management LLC bought a new position in shares of Mueller Industries in the 4th quarter worth $201,376,000. Norges Bank purchased a new stake in shares of Mueller Industries in the 4th quarter valued at $117,351,000. Invesco Ltd. boosted its stake in shares of Mueller Industries by 50.3% in the 4th quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock valued at $221,304,000 after purchasing an additional 933,498 shares in the last quarter. FMR LLC boosted its stake in shares of Mueller Industries by 79.2% in the 4th quarter. FMR LLC now owns 1,911,689 shares of the industrial products company's stock valued at $151,712,000 after purchasing an additional 845,031 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Mueller Industries by 169.1% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,058,830 shares of the industrial products company's stock valued at $84,029,000 after purchasing an additional 665,413 shares in the last quarter. Institutional investors own 94.50% of the company's stock.

Mueller Industries Stock Performance

Shares of Mueller Industries stock opened at $83.87 on Friday. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of 15.28 and a beta of 1.01. The company has a fifty day moving average of $77.01 and a 200-day moving average of $77.85. Mueller Industries, Inc. has a 52-week low of $55.72 and a 52-week high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $1.39 EPS for the quarter, topping the consensus estimate of $1.31 by $0.08. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $1 billion. Mueller Industries had a return on equity of 23.17% and a net margin of 15.92%.

Mueller Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.00 annualized dividend and a dividend yield of 1.19%. Mueller Industries's dividend payout ratio is currently 18.21%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director Terry Hermanson sold 10,000 shares of the stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $74.34, for a total transaction of $743,400.00. Following the completion of the sale, the director owned 100,082 shares of the company's stock, valued at $7,440,095.88. This represents a 9.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hansen sold 3,130 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $78.07, for a total transaction of $244,359.10. Following the sale, the director directly owned 93,914 shares of the company's stock, valued at $7,331,865.98. The trade was a 3.23% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,613 shares of company stock worth $2,198,600. Company insiders own 2.70% of the company's stock.

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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