Harbour Investments Inc. Purchases 13,520 Shares of Mueller Industries, Inc. (NYSE:MLI)

Harbour Investments Inc. grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 34.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,953 shares of the industrial products company's stock after buying an additional 13,520 shares during the quarter. Harbour Investments Inc.'s holdings in Mueller Industries were worth $4,032,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MLI. Golden State Wealth Management LLC boosted its stake in 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 acquiring an additional 168 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in Mueller Industries during the 4th quarter worth approximately $32,000. Wayfinding Financial LLC purchased a new position in Mueller Industries in the 1st quarter worth approximately $34,000. Opal Wealth Advisors LLC purchased a new position in Mueller Industries in the 1st quarter worth approximately $40,000. Finally, Quarry LP purchased a new position in Mueller Industries in the 4th quarter worth approximately $45,000. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Down 2.4%

Shares of Mueller Industries stock traded down $2.01 during trading on Friday, reaching $83.36. The company's stock had a trading volume of 1,050,374 shares, compared to its average volume of 963,215. Mueller Industries, Inc. has a 52-week low of $62.74 and a 52-week high of $96.81. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 13.23 and a beta of 1.02. The firm's 50-day moving average is $80.86 and its two-hundred day moving average is $78.66.

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. The business had revenue of $1.14 billion during the quarter, compared to analysts' expectations of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The company'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. Investors of record on Friday, September 5th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, September 5th. Mueller Industries's dividend payout ratio (DPR) is presently 15.87%.

Insider Activity

In other Mueller Industries news, Director Terry Hermanson sold 10,000 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $74.34, for a total transaction of $743,400.00. Following the completion of the sale, the director directly owned 100,082 shares in the company, valued at approximately $7,440,095.88. This trade represents a 9.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hansen sold 3,130 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $78.07, for a total transaction of $244,359.10. Following the sale, the director directly owned 93,914 shares in the company, valued at approximately $7,331,865.98. The trade was a 3.23% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

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.