DAVENPORT & Co LLC lifted its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 251.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,096 shares of the industrial products company's stock after purchasing an additional 25,096 shares during the period. DAVENPORT & Co LLC's holdings in Mueller Industries were worth $2,672,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the stock. Advisors Management Group Inc. ADV lifted its holdings in Mueller Industries by 11.4% in the first quarter. Advisors Management Group Inc. ADV now owns 33,785 shares of the industrial products company's stock worth $2,572,000 after acquiring an additional 3,463 shares during the last quarter. Monument Capital Management lifted its holdings in Mueller Industries by 4.4% in the first quarter. Monument Capital Management now owns 4,898 shares of the industrial products company's stock worth $373,000 after acquiring an additional 206 shares during the last quarter. KBC Group NV lifted its holdings in Mueller Industries by 391.3% in the first quarter. KBC Group NV now owns 20,575 shares of the industrial products company's stock worth $1,567,000 after acquiring an additional 16,387 shares during the last quarter. Highland Capital Management LLC bought a new position in Mueller Industries in the first quarter worth about $212,000. Finally, Total Wealth Planning & Management Inc. lifted its holdings in Mueller Industries by 16.2% in the first quarter. Total Wealth Planning & Management Inc. now owns 5,804 shares of the industrial products company's stock worth $442,000 after acquiring an additional 809 shares during the last quarter. Institutional investors own 94.50% of the company's stock.
Mueller Industries Trading Up 1.4%
NYSE MLI traded up $1.14 during trading hours on Tuesday, reaching $83.33. The company's stock had a trading volume of 1,102,783 shares, compared to its average volume of 1,040,320. The business has a 50-day simple moving average of $77.40 and a 200 day simple moving average of $77.89. Mueller Industries, Inc. has a 52 week low of $55.72 and a 52 week high of $96.81. The stock has a market cap of $9.22 billion, a PE ratio of 15.18 and a beta of 1.01.
Mueller Industries (NYSE:MLI - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.08. Mueller Industries had a net margin of 15.92% and a return on equity of 23.17%. The firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $1 billion.
Mueller Industries Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.20%. Mueller Industries's dividend payout ratio (DPR) is presently 18.21%.
Insider Activity
In other news, Director Terry Hermanson sold 10,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total transaction of $743,400.00. Following the sale, the director owned 100,082 shares of the company's stock, valued at approximately $7,440,095.88. The trade was a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Scott Jay Goldman sold 16,483 shares of Mueller Industries stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $73.46, for a total value of $1,210,841.18. Following the sale, the director directly owned 39,615 shares in the company, valued at approximately $2,910,117.90. This trade represents a 29.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,613 shares of company stock valued at $2,198,600. Insiders own 2.70% of the company's stock.
About Mueller Industries
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Free Report)
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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