Gallacher Capital Management LLC Buys New Stake in Mueller Industries, Inc. $MLI

Key Points

• Gallacher Capital Management LLC acquired a new stake in Mueller Industries, purchasing 5,388 shares valued at approximately $428,000 during Q2.
• Mueller Industries reported a 14.1% year-over-year revenue increase for the last quarter, with earnings per share of $1.96, exceeding expectations.
• The company declared a quarterly dividend of $0.25, equating to a 1.0% yield, payable to shareholders on September 19th.

Gallacher Capital Management LLC bought a new stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,388 shares of the industrial products company's stock, valued at approximately $428,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Invesco Ltd. boosted its holdings in Mueller Industries by 0.4% in the first quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company's stock valued at $213,160,000 after purchasing an additional 10,968 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Mueller Industries by 15.7% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company's stock worth $93,259,000 after buying an additional 166,012 shares during the last quarter. Systematic Financial Management LP lifted its holdings in Mueller Industries by 1.0% during the 1st quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company's stock worth $72,875,000 after buying an additional 9,463 shares during the last quarter. Nuveen LLC bought a new position in Mueller Industries during the 1st quarter worth approximately $54,072,000. Finally, Epoch Investment Partners Inc. lifted its holdings in Mueller Industries by 222.8% during the 1st 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 during the last quarter. Hedge funds and other institutional investors own 94.50% of the company's stock.

Insider Activity

In related news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total value of $91,970.00. Following the sale, the director owned 92,664 shares of the company's stock, valued at approximately $8,522,308.08. This trade represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.70% of the company's stock.

Mueller Industries Stock Down 0.6%

NYSE:MLI traded down $0.63 during trading hours on Friday, reaching $99.62. 2,700,682 shares of the stock were exchanged, compared to its average volume of 745,034. The firm has a 50 day simple moving average of $91.90 and a 200-day simple moving average of $82.07. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $100.64. The stock has a market capitalization of $11.03 billion, a P/E ratio of 15.81 and a beta of 1.05.

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

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. Mueller Industries's dividend payout ratio (DPR) is 15.87%.

Mueller Industries 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.