US Bancorp DE Has $1.85 Million Stock Holdings in Mueller Industries, Inc. $MLI

Key Points

• US Bancorp DE increased its holdings in Mueller Industries by 23.3% during the second quarter, owning $1.85 million worth of shares after acquiring additional stock.
• Mueller Industries reported $1.96 earnings per share for the latest quarter, exceeding expectations, with a revenue of $1.14 billion—a 14.1% year-over-year increase.
• The company announced a quarterly dividend of $0.25 per share, reflecting a 1.0% dividend yield and a 15.87% payout ratio.

US Bancorp DE increased its position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 23.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,251 shares of the industrial products company's stock after acquiring an additional 4,391 shares during the quarter. US Bancorp DE's holdings in Mueller Industries were worth $1,848,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC lifted its stake in Mueller Industries by 103.1% in the first quarter. Golden State Wealth Management LLC now owns 331 shares of the industrial products company's stock valued at $25,000 after buying an additional 168 shares during the period. Brooklyn Investment Group lifted its stake in Mueller Industries by 267.3% in 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 during the period. Rise Advisors LLC acquired a new position in Mueller Industries in the first quarter valued at about $30,000. Wayfinding Financial LLC acquired a new position in Mueller Industries in the first quarter valued at about $34,000. Finally, Maseco LLP acquired a new position in Mueller Industries in the second quarter valued at about $40,000. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Price Performance

Shares of Mueller Industries stock opened at $99.15 on Thursday. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $102.75. The business has a 50-day moving average of $96.84 and a two-hundred day moving average of $84.59. The company has a market capitalization of $10.98 billion, a P/E ratio of 15.74 and a beta of 1.02.

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

Mueller Industries Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were issued a dividend of $0.25 per share. The ex-dividend date 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%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of Mueller Industries in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $105.00.

Insider Activity

In related news, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $91.97, for a total transaction of $91,970.00. Following the completion of the transaction, the director directly owned 92,664 shares in the company, valued at approximately $8,522,308.08. This trade represents a 1.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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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