OLD National Bancorp IN Acquires 64,280 Shares of Mueller Industries, Inc. $MLI

Key Points

• OLD National Bancorp IN raised its stake in Mueller Industries by 403.7% in Q4, buying 64,280 shares to hold 80,202 shares worth about $9.21 million (≈0.07% of the company).
• Mueller reported a strong quarter, with EPS $2.16 vs. $1.49 expected and revenue of $1.19 billion (up 19.3% year-over-year), alongside a 26.53% return on equity and a 19.37% net margin.
• The company raised its quarterly dividend to $0.35 (from $0.25), an annualized $1.40 payout implying roughly a 1.0% yield and a 20.38% payout ratio.

OLD National Bancorp IN raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 403.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,202 shares of the industrial products company's stock after buying an additional 64,280 shares during the period. OLD National Bancorp IN owned 0.07% of Mueller Industries worth $9,207,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. JFS Wealth Advisors LLC boosted its position in Mueller Industries by 121.1% during the third quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company's stock worth $25,000 after purchasing an additional 138 shares during the period. Cary Street Partners Investment Advisory LLC raised its position in shares of Mueller Industries by 228.7% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 215 shares during the period. Root Financial Partners LLC acquired a new stake in shares of Mueller Industries in the third quarter worth $38,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Mueller Industries by 108.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company's stock worth $40,000 after buying an additional 261 shares during the period. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Mueller Industries during the 3rd quarter worth $46,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the stock in a transaction on Monday, February 9th. The shares were sold at an average price of $116.71, for a total value of $116,710.00. Following the completion of the transaction, the director owned 90,664 shares in the company, valued at approximately $10,581,395.44. This represents a 1.09% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Scott Jay Goldman sold 4,430 shares of the firm's stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $118.97, for a total transaction of $527,037.10. Following the transaction, the director directly owned 41,645 shares of the company's stock, valued at $4,954,505.65. The trade was a 9.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is owned by company insiders.

Mueller Industries Stock Performance

NYSE MLI opened at $134.75 on Thursday. Mueller Industries, Inc. has a twelve month low of $71.54 and a twelve month high of $139.68. The stock has a market cap of $14.90 billion, a PE ratio of 17.73 and a beta of 1.07. The firm has a 50-day simple moving average of $116.33 and a 200 day simple moving average of $114.77.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The industrial products company reported $2.16 EPS for the quarter, beating the consensus estimate of $1.49 by $0.67. Mueller Industries had a return on equity of 26.53% and a net margin of 19.37%.The firm had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.10 billion. During the same quarter in the prior year, the firm posted $1.39 EPS. The company's revenue for the quarter was up 19.3% on a year-over-year basis.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 27th. Investors of record on Friday, March 13th were paid a $0.35 dividend. The ex-dividend date was Friday, March 13th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.0%. Mueller Industries's dividend payout ratio is currently 20.38%.

Wall Street Analysts Forecast Growth

MLI has been the topic of several recent analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a report on Tuesday. Wall Street Zen cut shares of Mueller Industries from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. One analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy".

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.

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