Picton Mahoney Asset Management Buys 96,295 Shares of Mueller Industries, Inc. (NYSE:MLI)

Picton Mahoney Asset Management raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 1,539.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 102,549 shares of the industrial products company's stock after buying an additional 96,295 shares during the quarter. Picton Mahoney Asset Management owned about 0.09% of Mueller Industries worth $7,807,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Golden State Wealth Management LLC raised its holdings in shares of Mueller Industries by 103.1% during the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after acquiring an additional 168 shares in the last quarter. Benjamin Edwards Inc. raised its position in shares of Mueller Industries by 5.0% in the 4th quarter. Benjamin Edwards Inc. now owns 3,934 shares of the industrial products company's stock worth $312,000 after purchasing an additional 187 shares during the last quarter. Hohimer Wealth Management LLC raised its position in shares of Mueller Industries by 4.4% in the 1st quarter. Hohimer Wealth Management LLC now owns 4,463 shares of the industrial products company's stock worth $340,000 after purchasing an additional 187 shares during the last quarter. Texas Yale Capital Corp. increased its holdings in Mueller Industries by 6.0% in the 4th quarter. Texas Yale Capital Corp. now owns 3,560 shares of the industrial products company's stock worth $283,000 after buying an additional 200 shares in the last quarter. Finally, Monument Capital Management increased its holdings in Mueller Industries by 4.4% in the 1st quarter. Monument Capital Management now owns 4,898 shares of the industrial products company's stock worth $373,000 after buying an additional 206 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

NYSE MLI traded down $2.01 during trading hours on Friday, hitting $83.36. The company's stock had a trading volume of 1,050,271 shares, compared to its average volume of 1,031,689. The company's 50 day simple moving average is $80.71 and its two-hundred day simple moving average is $78.64. The company has a market cap of $9.23 billion, a P/E ratio of 13.23 and a beta of 1.01. Mueller Industries, Inc. has a 12 month low of $62.74 and a 12 month high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings data 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. Mueller Industries had a return on equity of 24.47% and a net margin of 17.48%. The firm had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.12 billion. The firm's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Mueller Industries's payout ratio is currently 15.87%.

Insider Buying and Selling

In other news, Director John B. Hansen sold 3,130 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $78.07, for a total transaction of $244,359.10. Following the sale, the director directly owned 93,914 shares of the company's stock, valued at $7,331,865.98. This represents a 3.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Terry Hermanson sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $74.34, for a total value of $743,400.00. Following the sale, the director directly owned 100,082 shares in the company, valued at $7,440,095.88. This trade represents a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by 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.