Exchange Traded Concepts LLC Has $2.76 Million Holdings in Mueller Industries, Inc. $MLI

Key Points

• Exchange Traded Concepts LLC reduced its stake in Mueller Industries by 17.8% during the second quarter, holding shares worth approximately $2.76 million after selling 7,516 shares.
• Several institutional investors significantly increased their holdings in Mueller Industries, with Nuveen LLC acquiring a new position valued at $54 million in the first quarter.
• Mueller Industries reported $1.96 earnings per share for the last quarter, surpassing analysts' expectations, while maintaining a 1.0% dividend yield.

Exchange Traded Concepts LLC cut its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 17.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 34,666 shares of the industrial products company's stock after selling 7,516 shares during the period. Exchange Traded Concepts LLC's holdings in Mueller Industries were worth $2,755,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MLI. Nuveen LLC acquired a new position in shares of Mueller Industries during the first quarter worth $54,072,000. AQR Capital Management LLC increased its holdings in shares of Mueller Industries by 329.0% during the first quarter. AQR Capital Management LLC now owns 588,428 shares of the industrial products company's stock worth $43,926,000 after buying an additional 451,261 shares in the last quarter. Epoch Investment Partners Inc. increased its holdings in shares of Mueller Industries by 222.8% during the first quarter. Epoch Investment Partners Inc. now owns 597,704 shares of the industrial products company's stock worth $45,509,000 after buying an additional 412,564 shares in the last quarter. TD Asset Management Inc acquired a new position in shares of Mueller Industries during the first quarter worth $18,114,000. Finally, Bessemer Group Inc. increased its holdings in shares of Mueller Industries by 78.2% during the first quarter. Bessemer Group Inc. now owns 443,281 shares of the industrial products company's stock worth $33,751,000 after buying an additional 194,463 shares in the last quarter. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director John B. Hansen sold 1,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.70% of the stock is currently owned by insiders.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $99.62 on Friday. The company has a fifty day moving average of $91.90 and a 200-day moving average of $82.09. The company has a market capitalization of $11.03 billion, a PE ratio of 15.81 and a beta of 1.05. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $100.64.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.34. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.Mueller Industries'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 was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date was Friday, September 5th. Mueller Industries's payout ratio is presently 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.

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