National Bank of Canada FI Buys 3,730 Shares of Mueller Industries, Inc. (NYSE:MLI)

Key Points

• National Bank of Canada FI increased its holdings in Mueller Industries by 3.3% during the first quarter, owning 117,439 shares valued at approximately $8.94 million.
• Several other institutional investors, including Wells Fargo and Federated Hermes, have made significant increases in their positions in Mueller Industries, showing strong interest from the investment community.
• Mueller Industries reported earnings of $1.96 per share for the last quarter, exceeding estimates, and declared a quarterly dividend of $0.25 per share to be paid in September.

National Bank of Canada FI boosted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 117,439 shares of the industrial products company's stock after buying an additional 3,730 shares during the period. National Bank of Canada FI owned approximately 0.11% of Mueller Industries worth $8,939,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. D.A. Davidson & CO. purchased a new position in Mueller Industries in the 1st quarter worth approximately $317,000. Fifth Third Bancorp lifted its stake in Mueller Industries by 6.1% during the first quarter. Fifth Third Bancorp now owns 3,701 shares of the industrial products company's stock worth $282,000 after purchasing an additional 213 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Mueller Industries in the first quarter worth approximately $303,000. Chevy Chase Trust Holdings LLC bought a new position in shares of Mueller Industries in the first quarter worth approximately $4,140,000. Finally, KBC Group NV grew its holdings in shares of Mueller Industries by 391.3% in the first quarter. KBC Group NV now owns 20,575 shares of the industrial products company's stock worth $1,567,000 after purchasing an additional 16,387 shares during the last quarter. Institutional investors 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 company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the transaction, the director owned 92,664 shares in the company, valued at approximately $8,522,308.08. This represents a 1.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.70% of the stock is owned by insiders.

Mueller Industries Stock Down 0.7%

Shares of Mueller Industries stock traded down $0.65 on Friday, hitting $91.51. The stock had a trading volume of 591,312 shares, compared to its average volume of 966,879. Mueller Industries, Inc. has a one year low of $65.24 and a one year high of $96.81. The stock has a market cap of $10.13 billion, a price-to-earnings ratio of 14.53 and a beta of 1.02. The stock's 50-day simple moving average is $83.28 and its two-hundred day simple moving average is $79.24.

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, beating analysts' consensus estimates of $1.62 by $0.34. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%. The business's revenue was up 14.1% compared to the same quarter last year.

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Mueller Industries's dividend payout ratio 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.