710,164 Shares in Mueller Industries, Inc. $MLI Purchased by Nuveen LLC

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 acquired a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 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 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MLI. Raymond James Financial Inc. acquired a new stake in Mueller Industries during the fourth quarter worth approximately $6,855,000. Sterling Capital Management LLC increased its holdings in shares of Mueller Industries by 2.3% in the 4th quarter. Sterling Capital Management LLC now owns 10,891 shares of the industrial products company's stock valued at $864,000 after acquiring an additional 240 shares during the period. Townsquare Capital LLC lifted its holdings in shares of Mueller Industries by 178.6% during the fourth quarter. Townsquare Capital LLC now owns 14,335 shares of the industrial products company's stock worth $1,138,000 after purchasing an additional 9,189 shares during the period. Barclays PLC increased its stake in Mueller Industries by 32.4% in the 4th quarter. Barclays PLC now owns 261,004 shares of the industrial products company's stock valued at $20,713,000 after buying an additional 63,798 shares during the period. Finally, NewEdge Advisors LLC increased its stake in Mueller Industries by 10.0% in the 4th quarter. NewEdge Advisors LLC now owns 13,302 shares of the industrial products company's stock valued at $1,056,000 after buying an additional 1,212 shares during the period. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Stock Performance

MLI traded up $0.29 during trading on Monday, hitting $91.86. The stock had a trading volume of 273,435 shares, compared to its average volume of 1,012,507. The firm has a market capitalization of $10.17 billion, a P/E ratio of 14.58 and a beta of 1.02. The company's 50-day moving average price is $83.28 and its 200 day moving average price is $79.23. Mueller Industries, Inc. has a twelve month low of $65.24 and a twelve month high of $96.81.

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

Mueller Industries Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 1.1%. Mueller Industries's dividend payout ratio is 15.87%.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $91.97, for a total transaction of $91,970.00. Following the transaction, the director directly owned 92,664 shares of the company's stock, valued at $8,522,308.08. This represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.70% of the stock is currently 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.