Mueller Industries, Inc. $MLI Shares Acquired by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management Holding SA boosted its stake in Mueller Industries by 4,700% in Q4, buying 693,347 shares to hold 708,099 shares (about 0.64% of the company) valued at roughly $81.58 million.
• Mueller beat expectations in its latest quarter with EPS of $2.16 vs. $1.49 consensus and revenue of $1.19 billion (vs. $1.10B), showing 19.3% YoY revenue growth, a 19.37% net margin and 25.97% ROE.
• The company raised its quarterly dividend to $0.35 (from $0.25), equal to a $1.40 annualized payout and about a 1.0% yield, with a payout ratio of 18.32%.

Pictet Asset Management Holding SA grew its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 4,700.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 708,099 shares of the industrial products company's stock after buying an additional 693,347 shares during the quarter. Pictet Asset Management Holding SA owned about 0.64% of Mueller Industries worth $81,581,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. NewEdge Advisors LLC increased its stake in Mueller Industries by 10.7% in the 1st quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company's stock valued at $1,121,000 after purchasing an additional 1,420 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Mueller Industries by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company's stock valued at $17,563,000 after purchasing an additional 3,316 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Mueller Industries in the 1st quarter valued at approximately $524,000. Northwestern Mutual Wealth Management Co. increased its stake in Mueller Industries by 108.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 261 shares in the last quarter. Finally, CW Advisors LLC increased its stake in Mueller Industries by 4.0% in the 2nd quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company's stock valued at $289,000 after purchasing an additional 140 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Stock Performance

Mueller Industries stock opened at $135.56 on Wednesday. The stock has a fifty day moving average of $117.67 and a two-hundred day moving average of $115.93. The company has a market capitalization of $14.99 billion, a price-to-earnings ratio of 17.74 and a beta of 1.07. Mueller Industries, Inc. has a fifty-two week low of $71.54 and a fifty-two week high of $139.68.

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

Mueller Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, March 13th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a yield of 1.0%. Mueller Industries's dividend payout ratio (DPR) is 18.32%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction on Monday, February 9th. The stock was sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the transaction, the director owned 90,664 shares of the company's stock, valued at approximately $10,581,395.44. This trade represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Scott Jay Goldman sold 4,430 shares of the firm's stock in a transaction on Friday, February 13th. The stock was sold at an average price of $118.97, for a total value of $527,037.10. Following the transaction, the director directly owned 41,645 shares of the company's stock, valued at $4,954,505.65. The trade was a 9.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.30% of the company's stock.

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.

Want to see what other hedge funds are holding MLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mueller Industries, Inc. (NYSE:MLI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.