AQR Capital Management LLC Purchases 451,261 Shares of Mueller Industries, Inc. $MLI

Key Points

• AQR Capital Management LLC has increased its stake in Mueller Industries by 329.0%, now owning 588,428 shares valued at approximately $43.93 million.
• Despite a recent increase in institutional investment, insiders own only 2.70% of the company's stock, with a notable insider selling 1,000 shares.
• Mueller Industries reported earnings of $1.96 per share, exceeding expectations, along with a 14.1% year-over-year revenue increase.

AQR Capital Management LLC grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 329.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 588,428 shares of the industrial products company's stock after purchasing an additional 451,261 shares during the quarter. AQR Capital Management LLC owned approximately 0.53% of Mueller Industries worth $43,926,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. increased its holdings in Mueller Industries by 0.4% in the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company's stock worth $213,160,000 after acquiring an additional 10,968 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in Mueller Industries by 15.7% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company's stock worth $93,259,000 after acquiring an additional 166,012 shares in the last quarter. Systematic Financial Management LP increased its holdings in Mueller Industries by 1.0% in the 1st quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company's stock worth $72,875,000 after acquiring an additional 9,463 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Mueller Industries by 5.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 845,344 shares of the industrial products company's stock worth $67,087,000 after acquiring an additional 45,672 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Mueller Industries in the 1st quarter worth approximately $54,072,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Stock Up 1.0%

MLI stock traded up $0.95 during midday trading on Thursday, hitting $98.52. The company's stock had a trading volume of 360,966 shares, compared to its average volume of 982,116. Mueller Industries, Inc. has a 12 month low of $66.79 and a 12 month high of $99.13. The firm has a market capitalization of $10.91 billion, a price-to-earnings ratio of 15.62 and a beta of 1.05. The company has a 50 day moving average of $89.81 and a two-hundred day moving average of $81.12.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.34. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries's revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

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

Insider Activity at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 92,664 shares in the company, valued at approximately $8,522,308.08. This represents a 1.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company's stock.

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.