HB Wealth Management LLC Buys Shares of 3,926 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 bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,926 shares of the industrial products company's stock, valued at approximately $299,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP increased its stake in Mueller Industries by 5.6% during the fourth quarter. First Trust Advisors LP now owns 6,214,930 shares of the industrial products company's stock worth $493,217,000 after acquiring an additional 327,479 shares during the last quarter. Invesco Ltd. lifted its position in Mueller Industries by 50.3% in the fourth quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock worth $221,304,000 after buying an additional 933,498 shares during the last quarter. Geode Capital Management LLC lifted its position in Mueller Industries by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 2,705,588 shares of the industrial products company's stock worth $214,763,000 after buying an additional 117,327 shares during the last quarter. FMR LLC lifted its position in Mueller Industries by 79.2% in the fourth quarter. FMR LLC now owns 1,911,689 shares of the industrial products company's stock worth $151,712,000 after buying an additional 845,031 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Mueller Industries by 28.3% in the fourth quarter. Northern Trust Corp now owns 1,535,625 shares of the industrial products company's stock worth $121,867,000 after buying an additional 338,902 shares during the last quarter. Institutional investors own 94.50% of the company's stock.

Mueller Industries Stock Up 2.1%

MLI traded up $1.71 during trading on Monday, reaching $85.05. The company had a trading volume of 897,708 shares, compared to its average volume of 1,030,771. The stock has a market cap of $9.42 billion, a P/E ratio of 13.50 and a beta of 1.02. The business has a 50 day simple moving average of $80.86 and a 200-day simple moving average of $78.62. Mueller Industries, Inc. has a 52 week low of $62.74 and a 52 week high of $96.81.

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

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is 15.87%.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 3,130 shares of Mueller Industries 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 completion of the sale, the director directly owned 93,914 shares in the company, valued at approximately $7,331,865.98. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Terry Hermanson sold 10,000 shares of Mueller Industries stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total value of $743,400.00. Following the sale, the director owned 100,082 shares of the company's stock, valued at approximately $7,440,095.88. This trade represents a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.

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.