Nuveen LLC Takes $54.07 Million Position in Mueller Industries, Inc. $MLI

Key Points

• Nuveen LLC has acquired a new position in Mueller Industries, purchasing 710,164 shares valued at approximately $54 million, representing about 0.64% of the company's stock.
• Mueller Industries reported a 14.1% increase in quarterly revenue and earnings per share of $1.96, exceeding analysts' expectations of $1.62.
• The firm declared a quarterly dividend of $0.25, with a dividend yield of 1.1%, to be paid on September 19th.

Nuveen LLC purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 710,164 shares of the industrial products company's stock, valued at approximately $54,072,000. Nuveen LLC owned approximately 0.64% of Mueller Industries as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in Mueller Industries by 0.4% during the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company's stock valued at $213,160,000 after purchasing an additional 10,968 shares in the last quarter. Cynosure Group LLC boosted its stake in Mueller Industries by 22.2% during the 1st quarter. Cynosure Group LLC now owns 4,363 shares of the industrial products company's stock valued at $332,000 after purchasing an additional 794 shares in the last quarter. National Bank of Canada FI boosted its stake in Mueller Industries by 3.3% during the 1st quarter. National Bank of Canada FI now owns 117,439 shares of the industrial products company's stock valued at $8,939,000 after purchasing an additional 3,730 shares in the last quarter. Citigroup Inc. boosted its stake in Mueller Industries by 10.8% during the 1st quarter. Citigroup Inc. now owns 137,330 shares of the industrial products company's stock valued at $10,456,000 after purchasing an additional 13,386 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in Mueller Industries by 31.8% during the 1st quarter. Deutsche Bank AG now owns 161,901 shares of the industrial products company's stock valued at $12,327,000 after purchasing an additional 39,017 shares in the last quarter. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Up 0.9%

NYSE MLI traded up $0.8140 on Tuesday, reaching $92.8840. 147,839 shares of the stock traded hands, compared to its average volume of 1,010,481. The firm's fifty day simple moving average is $83.57 and its 200 day simple moving average is $79.32. The company has a market cap of $10.28 billion, a price-to-earnings ratio of 14.74 and a beta of 1.02. Mueller Industries, Inc. has a 12 month low of $65.24 and a 12 month high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The industrial products company reported $1.96 earnings per share (EPS) 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 analyst estimates of $1.12 billion. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%.The firm's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

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

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction 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 completion of the sale, the director directly owned 92,664 shares of the company's stock, valued at $8,522,308.08. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.70% of the stock is currently owned by corporate 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.