Intech Investment Management LLC Buys 89,361 Shares of Mueller Industries, Inc. $MLI

Key Points

• Intech Investment Management LLC significantly increased its stake in Mueller Industries, Inc., growing its position by 156.9% to own 146,322 shares worth approximately $11.1 million.
• Mueller Industries reported a strong earnings quarter, with $1.96 earnings per share exceeding estimates and a revenue increase of 14.1% compared to the previous year.
• The company has announced a quarterly dividend of $0.25 per share, with an annualized yield of 1.0%, reflecting a solid dividend payout ratio of 15.87%.

Intech Investment Management LLC lifted its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 156.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 146,322 shares of the industrial products company's stock after purchasing an additional 89,361 shares during the quarter. Intech Investment Management LLC owned 0.13% of Mueller Industries worth $11,141,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MLI. Golden State Wealth Management LLC grew its holdings in Mueller Industries by 103.1% during the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 168 shares during the last quarter. Hohimer Wealth Management LLC boosted its stake in shares of Mueller Industries by 4.4% in the 1st quarter. Hohimer Wealth Management LLC now owns 4,463 shares of the industrial products company's stock valued at $340,000 after purchasing an additional 187 shares in the last quarter. SageView Advisory Group LLC boosted its stake in shares of Mueller Industries by 1.9% in the 1st quarter. SageView Advisory Group LLC now owns 10,043 shares of the industrial products company's stock valued at $765,000 after purchasing an additional 189 shares in the last quarter. Evergreen Capital Management LLC raised its holdings in shares of Mueller Industries by 1.7% in the first quarter. Evergreen Capital Management LLC now owns 11,796 shares of the industrial products company's stock valued at $898,000 after buying an additional 202 shares during the last quarter. Finally, Monument Capital Management raised its holdings in shares of Mueller Industries by 4.4% in the first quarter. Monument Capital Management now owns 4,898 shares of the industrial products company's stock valued at $373,000 after buying an additional 206 shares during the last quarter. Institutional investors own 94.50% of the company's stock.

Mueller Industries Stock Performance

NYSE:MLI traded down $0.86 on Tuesday, hitting $97.96. 163,782 shares of the stock were exchanged, compared to its average volume of 980,880. The stock has a market capitalization of $10.84 billion, a price-to-earnings ratio of 15.55 and a beta of 1.04. The company's 50-day moving average price is $90.75 and its 200 day moving average price is $81.55. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $99.93.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 EPS 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 company had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.12 billion. The firm's revenue for the quarter was up 14.1% on a year-over-year basis.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, September 5th. Mueller Industries's dividend payout ratio is 15.87%.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the transaction, the director owned 92,664 shares in the company, valued at $8,522,308.08. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is owned by insiders.

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.