Mueller Industries, Inc. $MLI is Gabelli Funds LLC's 10th Largest Position

Key Points

• Gabelli Funds LLC trimmed its Mueller Industries stake by 8.1% in the fourth quarter, but the stock remains its 10th largest position. The fund still owned 1,349,850 shares valued at about $155 million.
• Mueller Industries reported stronger-than-expected quarterly results, with EPS of $2.16 versus the $1.49 estimate and revenue of $1.19 billion, up 19.3% year over year. The company also posted a 19.37% net margin and 25.97% return on equity.
• The company announced a quarterly dividend of $0.35 per share, payable June 19, implying a 1.0% annualized yield. Separately, CEO Gregory L. Christopher sold more than 103,000 shares in April.

Gabelli Funds LLC decreased its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 8.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,349,850 shares of the industrial products company's stock after selling 119,200 shares during the period. Mueller Industries accounts for about 1.0% of Gabelli Funds LLC's holdings, making the stock its 10th biggest position. Gabelli Funds LLC owned 1.22% of Mueller Industries worth $154,963,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MLI. AQR Capital Management LLC grew its stake in Mueller Industries by 181.4% during the third quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company's stock valued at $261,439,000 after acquiring an additional 1,666,891 shares in the last quarter. UBS Group AG grew its stake in Mueller Industries by 837.0% during the third quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company's stock valued at $129,819,000 after acquiring an additional 1,146,919 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in Mueller Industries by 4,700.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 708,099 shares of the industrial products company's stock valued at $81,581,000 after acquiring an additional 693,347 shares in the last quarter. Bank of America Corp DE grew its stake in Mueller Industries by 61.3% during the third quarter. Bank of America Corp DE now owns 1,183,143 shares of the industrial products company's stock valued at $119,628,000 after acquiring an additional 449,619 shares in the last quarter. Finally, Amundi purchased a new position in Mueller Industries during the third quarter valued at approximately $28,698,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on MLI. Wall Street Zen raised shares of Mueller Industries from a "buy" rating to a "strong-buy" rating in a research note on Sunday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy".

Mueller Industries Price Performance

Shares of Mueller Industries stock opened at $136.34 on Monday. Mueller Industries, Inc. has a 1 year low of $72.16 and a 1 year high of $141.51. The firm has a market cap of $15.07 billion, a PE ratio of 17.85 and a beta of 1.13. The company has a 50 day simple moving average of $121.87 and a two-hundred day simple moving average of $118.77.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.67. Mueller Industries had a net margin of 19.37% and a return on equity of 25.97%. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period in the previous year, the business posted $1.39 earnings per share. Mueller Industries's revenue for the quarter was up 19.3% on a year-over-year basis.

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 5th. This represents a $1.40 annualized dividend and a yield of 1.0%. Mueller Industries's payout ratio is presently 18.32%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of Mueller Industries stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the completion of the sale, the chief executive officer directly owned 804,911 shares in the company, valued at $110,506,231.19. The trade was a 11.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.30% of the stock is currently owned by insiders.

About Mueller Industries

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.

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