Summit Global Investments Has $1.13 Million Stock Position in Mueller Industries, Inc. (NYSE:MLI)

Summit Global Investments lifted its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 65.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,830 shares of the industrial products company's stock after buying an additional 5,870 shares during the period. Summit Global Investments' holdings in Mueller Industries were worth $1,129,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of MLI. New Age Alpha Advisors LLC bought a new position in Mueller Industries during the 4th quarter worth approximately $32,000. Quarry LP acquired a new stake in shares of Mueller Industries during the 4th quarter worth approximately $45,000. SBI Securities Co. Ltd. acquired a new stake in shares of Mueller Industries during the 4th quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Mueller Industries during the 4th quarter worth approximately $53,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Mueller Industries during the 4th quarter worth approximately $53,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Stock Performance

Shares of Mueller Industries stock traded down $0.20 on Wednesday, reaching $78.47. 223,793 shares of the company were exchanged, compared to its average volume of 937,338. Mueller Industries, Inc. has a 1-year low of $53.53 and a 1-year high of $96.81. The firm has a market cap of $8.68 billion, a price-to-earnings ratio of 14.78 and a beta of 1.03. The company's 50-day moving average is $74.83 and its two-hundred day moving average is $78.68.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The industrial products company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.08. Mueller Industries had a net margin of 16.05% and a return on equity of 22.97%. The firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $1 billion.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Friday, June 6th. Mueller Industries's dividend payout ratio (DPR) is presently 18.21%.

Insiders Place Their Bets

In other news, Director John B. Hansen sold 3,130 shares of Mueller Industries stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $78.07, for a total transaction of $244,359.10. Following the transaction, the director now owns 93,914 shares in the company, valued at $7,331,865.98. The trade was a 3.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Terry Hermanson sold 10,000 shares of Mueller Industries stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $74.34, for a total value of $743,400.00. Following the completion of the sale, the director now directly owns 100,082 shares in the company, valued at approximately $7,440,095.88. This represents a 9.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,613 shares of company stock worth $2,198,600 over the last 90 days. Corporate insiders own 2.70% of the company's stock.

Mueller Industries 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.