Harbour Investments Inc. Raises Holdings in Mueller Industries, Inc. (NYSE:MLI)

Key Points

• Harbour Investments Inc. increased its stake in Mueller Industries by 34.3%, acquiring an additional 13,520 shares for a total of 52,953 shares valued at $4,032,000.
• Several institutional investors have also increased their holdings in Mueller Industries, with notable increases from FMR LLC (up 79.2%) and Invesco Ltd. (up 50.3%) in the last quarter.
• Mueller Industries announced a quarterly dividend of $0.25, set to be paid on September 19th, representing a 1.2% dividend yield.

Harbour Investments Inc. grew its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 34.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,953 shares of the industrial products company's stock after purchasing an additional 13,520 shares during the period. Harbour Investments Inc.'s holdings in Mueller Industries were worth $4,032,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Invesco Ltd. lifted its stake in shares of Mueller Industries by 50.3% during the 4th quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock worth $221,304,000 after acquiring an additional 933,498 shares during the last quarter. FMR LLC increased its holdings in shares of Mueller Industries by 79.2% in the 4th quarter. FMR LLC now owns 1,911,689 shares of the industrial products company's stock valued at $151,712,000 after acquiring an additional 845,031 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Mueller Industries by 169.1% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,058,830 shares of the industrial products company's stock valued at $84,029,000 after acquiring an additional 665,413 shares during the period. SG Capital Management LLC purchased a new position in shares of Mueller Industries in the 4th quarter valued at $34,704,000. Finally, Northern Trust Corp increased its holdings in shares of Mueller Industries by 28.3% in the 4th quarter. Northern Trust Corp now owns 1,535,625 shares of the industrial products company's stock valued at $121,867,000 after acquiring an additional 338,902 shares during the period. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Performance

MLI stock traded up $1.77 on Monday, hitting $85.11. 175,930 shares of the company's stock were exchanged, compared to its average volume of 1,025,689. Mueller Industries, Inc. has a 12-month low of $62.74 and a 12-month high of $96.81. The firm has a 50 day moving average price of $80.86 and a two-hundred day moving average price of $78.62. The stock has a market cap of $9.42 billion, a P/E ratio of 13.50 and a beta of 1.02.

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

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, September 5th. Mueller Industries's payout ratio is presently 15.87%.

Insider Activity

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