Gabelli Funds LLC Decreases Stock Position in Mueller Industries, Inc. $MLI

Key Points

• Gabelli Funds LLC reduced its stake in Mueller Industries by selling 29,400 shares, bringing its total holdings to approximately 1.6 million shares, which is about 0.9% of its investment portfolio.
• Multiple institutional investors have either increased or initiated new stakes in Mueller Industries, with KBC Group NV increasing its stake by a significant 391.3% in the first quarter.
• Mueller Industries announced a quarterly dividend of $0.25 per share, translating to an annualized dividend of $1.00, with a current dividend yield of 1.1%.

Gabelli Funds LLC decreased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,633,950 shares of the industrial products company's stock after selling 29,400 shares during the period. Mueller Industries makes up about 0.9% of Gabelli Funds LLC's holdings, making the stock its 17th largest holding. Gabelli Funds LLC owned 1.48% of Mueller Industries worth $124,409,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Epoch Investment Partners Inc. boosted its stake in 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 valued at $45,509,000 after buying an additional 412,564 shares during the period. FORA Capital LLC purchased a new stake in Mueller Industries during the first quarter valued at about $530,000. Caisse DE Depot ET Placement DU Quebec raised its position in Mueller Industries by 15.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company's stock valued at $93,259,000 after purchasing an additional 166,012 shares in the last quarter. Oliver Luxxe Assets LLC raised its position in Mueller Industries by 53.3% during the first quarter. Oliver Luxxe Assets LLC now owns 90,741 shares of the industrial products company's stock valued at $6,909,000 after purchasing an additional 31,533 shares in the last quarter. Finally, Systematic Financial Management LP raised its position in Mueller Industries by 1.0% during the first quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company's stock valued at $72,875,000 after purchasing an additional 9,463 shares in the last quarter. Institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

NYSE MLI traded down $0.62 during trading hours on Friday, reaching $95.88. 690,057 shares of the stock traded hands, compared to its average volume of 771,932. The stock has a 50 day simple moving average of $87.10 and a two-hundred day simple moving average of $80.25. Mueller Industries, Inc. has a 1 year low of $65.24 and a 1 year high of $97.26. The company has a market cap of $10.61 billion, a price-to-earnings ratio of 15.22 and a beta of 1.02.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings results 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. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.12 billion. The business's revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders 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 1.0%. Mueller Industries's dividend payout ratio (DPR) is presently 15.87%.

Insider Activity at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the transaction, the director owned 92,664 shares in the company, valued at approximately $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 accessible through this hyperlink. Corporate insiders own 2.70% of the company's stock.

About Mueller Industries

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.