HB Wealth Management LLC Invests $299,000 in Mueller Industries, Inc. (NYSE:MLI)

Key Points

• HB Wealth Management LLC has made a new investment in Mueller Industries, acquiring 3,926 shares valued at approximately $299,000 in the first quarter.
• Several other hedge funds have also increased their stakes in Mueller Industries, with institutional investors owning 94.50% of the company's stock.
• Mueller Industries reported earnings of $1.96 per share for the last quarter, exceeding analyst expectations, and announced a quarterly dividend of $0.25 per share.

HB Wealth Management LLC acquired a new stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,926 shares of the industrial products company's stock, valued at approximately $299,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. D.A. Davidson & CO. acquired a new position in shares of Mueller Industries in the first quarter valued at about $317,000. Fifth Third Bancorp boosted its position in Mueller Industries by 6.1% in the first quarter. Fifth Third Bancorp now owns 3,701 shares of the industrial products company's stock valued at $282,000 after buying an additional 213 shares during the last quarter. SG Americas Securities LLC acquired a new position in Mueller Industries in the 1st quarter worth approximately $303,000. Chevy Chase Trust Holdings LLC acquired a new position in Mueller Industries in the 1st quarter worth approximately $4,140,000. Finally, KBC Group NV raised its position in Mueller Industries by 391.3% during the 1st quarter. KBC Group NV now owns 20,575 shares of the industrial products company's stock worth $1,567,000 after buying an additional 16,387 shares during the last quarter. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Trading Down 0.3%

Shares of MLI stock traded down $0.29 during trading hours on Wednesday, hitting $87.09. The company's stock had a trading volume of 199,200 shares, compared to its average volume of 1,025,016. The stock has a market cap of $9.64 billion, a PE ratio of 13.80 and a beta of 1.02. Mueller Industries, Inc. has a 12-month low of $65.24 and a 12-month high of $96.81. The company has a 50 day moving average of $81.22 and a 200 day moving average of $78.70.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries's quarterly revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is 15.87%.

Insider Buying and Selling

In other Mueller Industries news, Director John B. Hansen sold 3,130 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $78.07, for a total value of $244,359.10. Following the completion of the transaction, the director directly owned 93,914 shares of the company's stock, valued at approximately $7,331,865.98. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.70% of the stock is currently owned by company insiders.

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.