Victory Capital Management Inc. Sells 225,025 Shares of Mueller Industries, Inc. $MLI

Key Points

• Victory Capital Management cut its stake in Mueller Industries by 30.8%, selling 225,025 shares in Q3 and now holds 506,408 shares (about 0.46% of the company, valued at roughly $51.2M).
• Dividend increase: Mueller raised its quarterly dividend to $0.35 from $0.25 (annualized $1.40), with an ex-dividend/record date of March 13 and a yield of about 1.2%.
• Insider selling: Directors Scott Jay Goldman and John B. Hansen sold 4,430 and 1,000 shares respectively in February, and company insiders now own 2.7% of the stock.

Victory Capital Management Inc. cut its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 30.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 506,408 shares of the industrial products company's stock after selling 225,025 shares during the period. Victory Capital Management Inc. owned about 0.46% of Mueller Industries worth $51,203,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Focus Partners Advisor Solutions LLC grew its position in Mueller Industries by 195.4% in the third quarter. Focus Partners Advisor Solutions LLC now owns 17,470 shares of the industrial products company's stock valued at $1,836,000 after acquiring an additional 11,556 shares during the period. Elo Mutual Pension Insurance Co lifted its holdings in shares of Mueller Industries by 21.7% during the third quarter. Elo Mutual Pension Insurance Co now owns 19,416 shares of the industrial products company's stock valued at $1,963,000 after acquiring an additional 3,468 shares during the period. Journey Strategic Wealth LLC bought a new position in shares of Mueller Industries during the third quarter valued at $213,000. Strategies Wealth Advisors LLC acquired a new stake in shares of Mueller Industries in the 3rd quarter valued at $223,000. Finally, Huntington National Bank boosted its stake in shares of Mueller Industries by 76.9% in the 3rd quarter. Huntington National Bank now owns 6,429 shares of the industrial products company's stock valued at $650,000 after purchasing an additional 2,795 shares in the last quarter. Institutional investors own 94.50% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on MLI shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Mueller Industries in a research report on Thursday, January 22nd. Wall Street Zen cut shares of Mueller Industries from a "buy" rating to a "hold" rating in a research note on Saturday, February 7th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy".

Mueller Industries Stock Performance

Mueller Industries stock opened at $114.71 on Friday. The business's fifty day moving average is $122.96 and its two-hundred day moving average is $110.64. The firm has a market cap of $12.73 billion, a P/E ratio of 16.70 and a beta of 1.04. Mueller Industries, Inc. has a 52 week low of $66.84 and a 52 week high of $139.29.

Mueller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. This is an increase from Mueller Industries's previous quarterly dividend of $0.25. Mueller Industries's payout ratio is currently 14.56%.

Insider Activity

In other news, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $118.97, for a total transaction of $527,037.10. Following the sale, the director directly owned 41,645 shares of the company's stock, valued at $4,954,505.65. This represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hansen sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the sale, the director directly owned 90,664 shares of the company's stock, valued at approximately $10,581,395.44. This represents a 1.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company 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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