QRG Capital Management Inc. Raises Holdings in Mueller Industries, Inc. $MLI

Key Points

• QRG Capital Management Inc. increased its holdings in Mueller Industries by 4.3% in the second quarter, accumulating a total of 101,774 shares valued at approximately $8.1 million.
• Mueller Industries announced a quarterly dividend of $0.25 per share, translating to an annualized yield of 1.0% with a dividend payout ratio of 15.87%.
• Analysts have a consensus rating of "Buy" for Mueller Industries, with a price target of $105.00, reflecting positive sentiment towards the stock's performance.

QRG Capital Management Inc. raised its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 4.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 101,774 shares of the industrial products company's stock after acquiring an additional 4,198 shares during the period. QRG Capital Management Inc. owned approximately 0.09% of Mueller Industries worth $8,088,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC lifted its stake in shares of Mueller Industries by 103.1% in the 1st quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 168 shares in the last quarter. Brooklyn Investment Group lifted its position in Mueller Industries by 267.3% during the first quarter. Brooklyn Investment Group now owns 382 shares of the industrial products company's stock valued at $29,000 after buying an additional 278 shares in the last quarter. Rise Advisors LLC purchased a new stake in Mueller Industries during the first quarter worth approximately $30,000. Wayfinding Financial LLC acquired a new stake in shares of Mueller Industries in the first quarter worth $34,000. Finally, Maseco LLP purchased a new position in shares of Mueller Industries in the 2nd quarter valued at $40,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Mueller Industries in a research report on Saturday, September 27th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $105.00.

Mueller Industries Price Performance

NYSE:MLI opened at $100.46 on Monday. The firm has a 50-day moving average of $94.85 and a two-hundred day moving average of $83.52. The stock has a market cap of $11.12 billion, a P/E ratio of 15.95 and a beta of 1.02. Mueller Industries, Inc. has a 1-year low of $66.84 and a 1-year high of $102.75.

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

Mueller Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Mueller Industries's dividend payout ratio (DPR) is presently 15.87%.

Insider Activity

In related 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 value of $91,970.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.70% of the company's stock.

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.

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