Federated Hermes Inc. Purchases 17,078 Shares of Mueller Industries, Inc. (NYSE:MLI)

Key Points

• Federated Hermes Inc. increased its holdings in Mueller Industries by 145.1%, owning a total of 28,849 shares valued at approximately $2.2 million after acquiring an additional 17,078 shares in Q1.
• In the fourth quarter, multiple large investors such as Schroder Investment Management and AllianceBernstein also raised their stakes significantly, indicating strong institutional interest in Mueller Industries.
• Mueller Industries reported earnings of $1.96 per share, surpassing estimates, along with a 14.1% increase in quarterly revenue compared to last year, highlighting strong financial performance.

Federated Hermes Inc. boosted its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 145.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,849 shares of the industrial products company's stock after buying an additional 17,078 shares during the quarter. Federated Hermes Inc.'s holdings in Mueller Industries were worth $2,197,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC boosted its position in shares of Mueller Industries by 103.1% in the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after acquiring an additional 168 shares during the period. Wayfinding Financial LLC bought a new stake in shares of Mueller Industries in the 1st quarter valued at approximately $34,000. Opal Wealth Advisors LLC bought a new position in shares of Mueller Industries during the 1st quarter worth approximately $40,000. Quarry LP acquired a new stake in Mueller Industries in the 4th quarter valued at $45,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Mueller Industries in the 4th quarter valued at $53,000. Institutional investors own 94.50% of the company's stock.

Insider Transactions at Mueller Industries

In other news, Director John B. Hansen sold 3,130 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $78.07, for a total transaction of $244,359.10. Following the transaction, the director owned 93,914 shares of the company's stock, valued at $7,331,865.98. This represents a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.70% of the company's stock.

Mueller Industries Trading Up 0.8%

Shares of Mueller Industries stock traded up $0.72 during mid-day trading on Friday, reaching $88.98. 569,757 shares of the stock were exchanged, compared to its average volume of 1,027,334. Mueller Industries, Inc. has a fifty-two week low of $65.24 and a fifty-two week high of $96.81. The firm has a 50-day simple moving average of $81.63 and a 200 day simple moving average of $78.80. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 14.12 and a beta of 1.02.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The industrial products company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.34. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.12 billion. The business's quarterly revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.1%. Mueller Industries's dividend 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.