Russell Investments Group Ltd. Grows Stock Holdings in Mueller Industries, Inc. $MLI

Key Points

• Russell Investments Group Ltd. increased its stake in Mueller Industries, Inc. (NYSE: MLI) by 12.2%, owning 135,219 shares worth approximately $10.3 million after acquiring additional shares in Q1.
• Institutional investors hold 94.50% of Mueller Industries' stock, reflecting significant interest from multiple hedge funds including Raymond James and MetLife Investment Management.
• Mueller Industries announced a quarterly dividend of $0.25 per share, yielding approximately 1.1%, with the next payment scheduled for September 19th.

Russell Investments Group Ltd. lifted its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 12.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 135,219 shares of the industrial products company's stock after buying an additional 14,690 shares during the period. Russell Investments Group Ltd. owned about 0.12% of Mueller Industries worth $10,296,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MLI. Raymond James Financial Inc. purchased a new position in shares of Mueller Industries during the 4th quarter worth about $6,855,000. NewEdge Advisors LLC boosted its stake in shares of Mueller Industries by 10.0% during the 4th quarter. NewEdge Advisors LLC now owns 13,302 shares of the industrial products company's stock worth $1,056,000 after purchasing an additional 1,212 shares during the period. MetLife Investment Management LLC boosted its stake in shares of Mueller Industries by 103.4% during the 4th quarter. MetLife Investment Management LLC now owns 128,838 shares of the industrial products company's stock worth $10,225,000 after purchasing an additional 65,490 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Mueller Industries by 4.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 38,288 shares of the industrial products company's stock worth $3,038,000 after purchasing an additional 1,480 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Mueller Industries by 61.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 13,074 shares of the industrial products company's stock worth $1,038,000 after purchasing an additional 4,962 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Trading Up 3.9%

Shares of MLI stock traded up $3.5490 during trading hours on Friday, reaching $94.2090. 671,390 shares of the stock were exchanged, compared to its average volume of 1,008,797. Mueller Industries, Inc. has a 12-month low of $65.24 and a 12-month high of $96.81. The company's 50-day moving average price is $84.41 and its 200-day moving average price is $79.59. The firm has a market capitalization of $10.43 billion, a price-to-earnings ratio of 14.95 and a beta of 1.02.

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

Mueller Industries Dividend Announcement

The business 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 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's payout ratio is 15.87%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total value of $91,970.00. Following the completion of the sale, the director directly owned 92,664 shares of the company's stock, valued at $8,522,308.08. The trade was a 1.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.70% of the stock is currently owned by company insiders.

Mueller Industries 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.