Mueller Industries, Inc. $MLI Shares Sold by William Blair Investment Management LLC

Key Points

• William Blair Investment Management LLC reduced its stake in Mueller Industries by 1.5%, selling 36,402 shares, while still holding approximately 2.10% of the company’s stock valued at $184.3 million.
• The company recently reported earnings of $1.96 per share, exceeding expectations, with a net margin of 17.48% and revenue of $1.14 billion, marking a 14.1% increase year-over-year.
• Mueller Industries declared a quarterly dividend of $0.25, which represents a 1.0% dividend yield and a payout ratio of 15.87%.

William Blair Investment Management LLC trimmed its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 1.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,319,569 shares of the industrial products company's stock after selling 36,402 shares during the period. William Blair Investment Management LLC owned about 2.10% of Mueller Industries worth $184,336,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Invesco Ltd. boosted its stake in shares of Mueller Industries by 0.4% in the first 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 during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Mueller Industries by 1.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company's stock valued at $184,890,000 after purchasing an additional 42,599 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted 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 valued at $93,259,000 after purchasing an additional 166,012 shares in the last quarter. Systematic Financial Management LP boosted its stake in Mueller Industries by 1.0% during the 1st quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company's stock worth $72,875,000 after purchasing an additional 9,463 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Mueller Industries during the first quarter worth $54,072,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Stock Up 0.0%

Shares of MLI opened at $98.58 on Friday. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $102.75. The stock has a fifty day simple moving average of $97.24 and a two-hundred day simple moving average of $84.89. The company has a market capitalization of $10.91 billion, a PE ratio of 15.65 and a beta of 1.02.

Mueller Industries (NYSE:MLI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.12 billion. The company's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $105.00.

Insider Activity

In other news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total transaction of $91,970.00. Following the sale, the director owned 92,664 shares of the company's stock, valued at approximately $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 can be accessed through this link. 2.70% of the stock is owned by corporate insiders.

Mueller Industries Company 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.

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