Wedge Capital Management L L P NC Boosts Holdings in Mueller Industries, Inc. $MLI

Key Points

• Wedge Capital Management increased its stake in Mueller Industries by 28.9%, totaling 163,968 shares worth approximately $13 million.
• Mueller Industries reported earnings per share (EPS) of $1.96 for the last quarter, exceeding analyst expectations and generating a revenue of $1.14 billion.
• The company declared a quarterly dividend of $0.25 per share, reflecting an annualized yield of 1.0% and a payout ratio of 15.87%.

Wedge Capital Management L L P NC boosted its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 28.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 163,968 shares of the industrial products company's stock after acquiring an additional 36,752 shares during the period. Wedge Capital Management L L P NC owned 0.15% of Mueller Industries worth $13,031,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of MLI. Golden State Wealth Management LLC increased its stake in shares of 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 worth $25,000 after purchasing an additional 168 shares in the last quarter. Brooklyn Investment Group raised its holdings in Mueller Industries by 267.3% during the 1st 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 last quarter. Rise Advisors LLC bought a new stake in Mueller Industries during the 1st quarter valued at $30,000. Wayfinding Financial LLC purchased a new position in shares of Mueller Industries during the 1st quarter worth approximately $34,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Mueller Industries in the 1st quarter worth about $40,000. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Price Performance

MLI stock traded up $0.54 during trading on Tuesday, hitting $101.54. 369,980 shares of the stock traded hands, compared to its average volume of 991,461. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $102.75. The firm's 50 day moving average is $92.20 and its two-hundred day moving average is $82.24. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 16.13 and a beta of 1.04.

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, beating analysts' consensus estimates of $1.62 by $0.34. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.12 billion. Mueller Industries had a net margin of 17.48% and a return on equity of 24.47%. The business's revenue was up 14.1% on a year-over-year basis.

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, September 5th. Mueller Industries's dividend payout ratio is 15.87%.

Insider Buying and Selling at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 92,664 shares in the company, valued at $8,522,308.08. This represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.70% of the stock is owned by company insiders.

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.