Natixis Advisors LLC Raises Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Key Points

• Natixis Advisors LLC significantly increased its stake in Mueller Industries by 398.6% during the first quarter, owning approximately $7.85 million worth of the company's stock.
• Mueller Industries reported a quarterly earnings per share of $1.96, exceeding analysts' expectations, with revenue of $1.14 billion, a 14.1% increase year-over-year.
• The company announced a quarterly dividend of $0.25, representing an annual yield of 1.1%, with the ex-dividend date set for September 5th.

Natixis Advisors LLC boosted its position in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 398.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 103,089 shares of the industrial products company's stock after purchasing an additional 82,415 shares during the period. Natixis Advisors LLC owned about 0.09% of Mueller Industries worth $7,849,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vestcor Inc grew its holdings in shares of Mueller Industries by 13.0% in the first quarter. Vestcor Inc now owns 36,460 shares of the industrial products company's stock valued at $2,776,000 after acquiring an additional 4,181 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Mueller Industries in the first quarter worth $719,000. Federated Hermes Inc. grew its stake in Mueller Industries by 145.1% in the 1st quarter. Federated Hermes Inc. now owns 28,849 shares of the industrial products company's stock valued at $2,197,000 after purchasing an additional 17,078 shares during the period. Picton Mahoney Asset Management increased its position in shares of Mueller Industries by 1,539.7% during the 1st quarter. Picton Mahoney Asset Management now owns 102,549 shares of the industrial products company's stock valued at $7,807,000 after purchasing an additional 96,295 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Mueller Industries by 146.0% during the 1st quarter. Mackenzie Financial Corp now owns 8,852 shares of the industrial products company's stock worth $674,000 after purchasing an additional 5,254 shares during the period. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Stock Up 1.1%

MLI traded up $0.99 during trading on Friday, hitting $89.25. 204,428 shares of the company traded hands, compared to its average volume of 1,024,729. Mueller Industries, Inc. has a one year low of $65.24 and a one year high of $96.81. The stock's fifty day moving average is $81.63 and its 200 day moving average is $78.80. The firm has a market cap of $9.88 billion, a P/E ratio of 14.15 and a beta of 1.02.

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

Mueller Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 5th. Mueller Industries's dividend payout ratio is currently 15.87%.

Insider Buying and Selling at Mueller Industries

In related news, Director John B. Hansen sold 3,130 shares of Mueller Industries stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $78.07, for a total value of $244,359.10. Following the completion of the sale, the director owned 93,914 shares of the company's stock, valued at approximately $7,331,865.98. This trade represents a 3.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.70% of the company's stock.

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.