Envestnet Asset Management Inc. Purchases 166,637 Shares of Mueller Industries, Inc. (NYSE:MLI)

Envestnet Asset Management Inc. lifted its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 134.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 290,573 shares of the industrial products company's stock after purchasing an additional 166,637 shares during the quarter. Envestnet Asset Management Inc. owned 0.26% of Mueller Industries worth $22,124,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC grew its holdings in shares of Mueller Industries by 103.1% in the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 168 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Mueller Industries in the fourth quarter valued at $32,000. Wayfinding Financial LLC purchased a new position in shares of Mueller Industries in the first quarter valued at $34,000. Opal Wealth Advisors LLC purchased a new position in shares of Mueller Industries in the first quarter valued at $40,000. Finally, Quarry LP bought a new stake in Mueller Industries in the fourth quarter worth $45,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director John B. Hansen sold 3,130 shares of Mueller Industries stock in a transaction on Monday, May 12th. The stock was sold at an average price of $78.07, for a total transaction of $244,359.10. Following the completion of the sale, the director directly owned 93,914 shares in the company, valued at approximately $7,331,865.98. This trade represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Scott Jay Goldman sold 16,483 shares of Mueller Industries stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $73.46, for a total value of $1,210,841.18. Following the sale, the director owned 39,615 shares of the company's stock, valued at approximately $2,910,117.90. This trade represents a 29.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,613 shares of company stock worth $2,198,600 over the last three months. 2.70% of the stock is owned by insiders.

Mueller Industries Stock Up 0.4%

MLI traded up $0.31 during trading on Wednesday, reaching $84.90. The company had a trading volume of 756,008 shares, compared to its average volume of 1,046,120. The stock has a market cap of $9.39 billion, a P/E ratio of 15.47 and a beta of 1.01. The business has a 50 day simple moving average of $78.51 and a 200-day simple moving average of $78.06. Mueller Industries, Inc. has a 52 week low of $61.48 and a 52 week high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.31 by $0.08. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $1 billion. Mueller Industries had a return on equity of 23.17% and a net margin of 15.92%.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.25 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.00 dividend on an annualized basis and a yield of 1.18%. Mueller Industries's dividend payout ratio is presently 18.21%.

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.