Perpetual Ltd Raises Stock Position in Mueller Industries, Inc. $MLI

Key Points

• Perpetual Ltd boosted its stake in Mueller Industries by 116.3% in Q4, buying an additional 199,165 shares to hold 370,357 shares worth about $42.5 million (≈0.33% of the company).
• Other institutional investors have also added large positions—AQR (+181.4%) and UBS (+837.0%) among them—with hedge funds and institutions now owning 94.50% of Mueller Industries' stock.
• Mueller raised its quarterly dividend to $0.35 (annualized $1.40, ~1.3% yield) and the company trades with a market cap of about $12.23 billion and a P/E of 16.1.

Perpetual Ltd grew its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 116.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 370,357 shares of the industrial products company's stock after acquiring an additional 199,165 shares during the period. Perpetual Ltd owned about 0.33% of Mueller Industries worth $42,517,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of MLI. AQR Capital Management LLC increased its holdings in Mueller Industries by 181.4% during the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company's stock worth $261,439,000 after purchasing an additional 1,666,891 shares during the period. UBS Group AG lifted its holdings in shares of Mueller Industries by 837.0% in the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company's stock worth $129,819,000 after buying an additional 1,146,919 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of Mueller Industries in the 2nd quarter worth $75,901,000. Vaughan Nelson Investment Management L.P. bought a new position in shares of Mueller Industries during the 3rd quarter worth $51,789,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Mueller Industries during the 2nd quarter worth $36,974,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MLI shares. Wall Street Zen downgraded Mueller Industries from a "buy" rating to a "hold" rating in a report on Saturday, February 7th. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy".

Mueller Industries Stock Down 0.1%

Mueller Industries stock opened at $110.64 on Friday. The business has a fifty day moving average of $117.50 and a two-hundred day moving average of $112.72. The firm has a market cap of $12.23 billion, a P/E ratio of 16.10 and a beta of 1.07. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $139.29.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were issued a $0.35 dividend. This is a boost from Mueller Industries's previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Friday, March 13th. Mueller Industries's dividend payout ratio is presently 20.38%.

Insider Activity

In other news, Director Scott Jay Goldman sold 4,430 shares of the firm's stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $118.97, for a total value of $527,037.10. Following the sale, the director directly owned 41,645 shares in the company, valued at approximately $4,954,505.65. This trade represents a 9.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the transaction, the director directly owned 90,664 shares in the company, valued at approximately $10,581,395.44. The trade was a 1.09% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.70% of the company's stock.

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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