Mueller Industries, Inc. $MLI Stock Holdings Boosted by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Mueller Industries by 1.9%, owning over 2.2 million shares valued at approximately $184.89 million, according to the latest SEC filing.
• Mueller Industries recently reported $1.96 earnings per share, exceeding analysts' expectations of $1.62, with quarterly revenues rising 14.1% year-over-year to $1.14 billion.
• The company announced a quarterly dividend of $0.25 per share, reflecting an annualized dividend yield of 1.0% and a payout ratio of 15.87%.

Allspring Global Investments Holdings LLC raised its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 1.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,252,838 shares of the industrial products company's stock after purchasing an additional 42,599 shares during the quarter. Allspring Global Investments Holdings LLC owned about 2.04% of Mueller Industries worth $184,890,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Park Avenue Securities LLC lifted its holdings in shares of Mueller Industries by 7.0% in the first quarter. Park Avenue Securities LLC now owns 4,354 shares of the industrial products company's stock valued at $332,000 after purchasing an additional 283 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Mueller Industries by 40.7% in the first quarter. GAMMA Investing LLC now owns 1,140 shares of the industrial products company's stock valued at $87,000 after purchasing an additional 330 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Mueller Industries in the first quarter valued at $303,000. Assenagon Asset Management S.A. lifted its holdings in shares of Mueller Industries by 5.6% in the first quarter. Assenagon Asset Management S.A. now owns 30,178 shares of the industrial products company's stock valued at $2,298,000 after purchasing an additional 1,602 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Mueller Industries by 6.1% in the first quarter. Fifth Third Bancorp now owns 3,701 shares of the industrial products company's stock valued at $282,000 after purchasing an additional 213 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Stock Down 1.1%

MLI stock opened at $96.88 on Monday. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $102.75. The company has a market cap of $10.72 billion, a PE ratio of 15.38 and a beta of 1.02. The business's 50-day simple moving average is $96.08 and its 200 day simple moving average is $84.23.

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

Mueller Industries Announces Dividend

The company also recently announced 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 was Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Mueller Industries's payout ratio is 15.87%.

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 value of $91,970.00. Following the completion of the transaction, the director owned 92,664 shares in the company, valued at approximately $8,522,308.08. The trade was a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.70% of the company's stock.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $105.00.

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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