Raymond James Financial Inc. Buys 24,972 Shares of Mueller Industries, Inc. $MLI

Key Points

• Raymond James Financial Inc. increased its stake in Mueller Industries by 28.9% in the first quarter, owning 111,345 shares valued at approximately $8.48 million.
• Mueller Industries reported $1.96 earnings per share for the last quarter, exceeding analysts' estimates of $1.62, with a 14.1% year-over-year revenue growth to $1.14 billion.
• The company declared a quarterly dividend of $0.25 per share, scheduled for payment on September 19th, reflecting a dividend yield of 1.0%.

Raymond James Financial Inc. increased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 28.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 111,345 shares of the industrial products company's stock after purchasing an additional 24,972 shares during the period. Raymond James Financial Inc. owned approximately 0.10% of Mueller Industries worth $8,478,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Golden State Wealth Management LLC lifted its position in shares of Mueller Industries by 103.1% during the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock worth $25,000 after buying an additional 168 shares during the period. Wayfinding Financial LLC bought a new stake in shares of Mueller Industries in the 1st quarter worth about $34,000. Opal Wealth Advisors LLC acquired a new position in Mueller Industries in the first quarter valued at about $40,000. Point72 Hong Kong Ltd acquired a new position in Mueller Industries in the fourth quarter valued at about $53,000. Finally, NBC Securities Inc. acquired a new stake in shares of Mueller Industries during the first quarter worth approximately $68,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Insider Buying and Selling

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 value of $91,970.00. Following the transaction, the director directly owned 92,664 shares in the company, valued at approximately $8,522,308.08. This trade represents a 1.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.70% of the company's stock.

Mueller Industries Trading Down 0.5%

NYSE MLI traded down $0.47 during trading hours on Wednesday, reaching $95.21. 541,318 shares of the company's stock were exchanged, compared to its average volume of 709,021. The firm has a fifty day moving average of $88.20 and a 200-day moving average of $80.56. Mueller Industries, Inc. has a one year low of $65.24 and a one year high of $97.26. The stock has a market cap of $10.54 billion, a PE ratio of 15.11 and a beta of 1.05.

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

Mueller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is presently 15.87%.

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.