KLP Kapitalforvaltning AS Sells 3,900 Shares of Mueller Industries, Inc. $MLI

Key Points

• KLP Kapitalforvaltning AS reduced its holdings in Mueller Industries, Inc. by 13.3%, selling 3,900 shares and now owning 25,500 shares valued at approximately $2,026,000.
• Several hedge funds have increased their positions in Mueller Industries, with Knights of Columbus Asset Advisors lifting its stake by 17.1% and DAVENPORT & Co LLC by 24.8% during the same quarter.
• Mueller Industries reported a net margin of 17.48% and a 14.1% year-over-year revenue increase, with earnings of $1.96 per share, surpassing analyst expectations.

KLP Kapitalforvaltning AS trimmed its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 13.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,500 shares of the industrial products company's stock after selling 3,900 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Mueller Industries were worth $2,026,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Knights of Columbus Asset Advisors LLC lifted its position in Mueller Industries by 17.1% in the second quarter. Knights of Columbus Asset Advisors LLC now owns 26,276 shares of the industrial products company's stock worth $2,088,000 after purchasing an additional 3,838 shares during the period. DAVENPORT & Co LLC lifted its position in Mueller Industries by 24.8% in the second quarter. DAVENPORT & Co LLC now owns 43,784 shares of the industrial products company's stock worth $3,480,000 after purchasing an additional 8,688 shares during the period. 111 Capital bought a new position in Mueller Industries in the second quarter worth $537,000. QRG Capital Management Inc. lifted its position in Mueller Industries by 4.3% in the second quarter. QRG Capital Management Inc. now owns 101,774 shares of the industrial products company's stock worth $8,088,000 after purchasing an additional 4,198 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Mueller Industries by 13.5% in the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 12,803 shares of the industrial products company's stock worth $1,017,000 after purchasing an additional 1,522 shares during the period. 94.50% of the stock is owned by institutional investors.

Insider Buying and Selling 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 transaction of $91,970.00. Following the transaction, the director owned 92,664 shares in the company, valued at $8,522,308.08. The trade was a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $105.00.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $96.88 on Monday. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $102.75. The firm has a market cap of $10.72 billion, a PE ratio of 15.38 and a beta of 1.02. The business has a fifty day moving average of $96.08 and a 200-day moving average of $84.23.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its 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 company had revenue of $1.14 billion during the quarter, compared to analyst estimates 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 disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, September 5th. Mueller Industries's payout ratio is 15.87%.

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.

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