Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Mueller Industries, Inc. $MLI

Key Points

• Zurcher Kantonalbank increased its stake in Mueller Industries by 280.2% in Q4 to 132,113 shares, representing about 0.12% of the company and valued at approximately $15.17 million.
• Mueller Industries beat expectations in its latest quarter with $2.16 EPS vs. $1.49 expected and revenue of $1.19 billion (vs. $1.10 billion), with revenue up 19.3%, a 19.37% net margin and 26.53% return on equity.
• The company raised its quarterly dividend to $0.35 from $0.25 (annualized $1.40, ~1.0% yield) while maintaining a payout ratio around 20.4%.

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 280.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 132,113 shares of the industrial products company's stock after buying an additional 97,366 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.12% of Mueller Industries worth $15,167,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MLI. JFS Wealth Advisors LLC raised its stake in Mueller Industries by 121.1% during the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company's stock valued at $25,000 after buying an additional 138 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its position in shares of Mueller Industries by 228.7% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company's stock valued at $31,000 after acquiring an additional 215 shares during the period. Root Financial Partners LLC bought a new stake in shares of Mueller Industries during the 3rd quarter valued at $38,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Mueller Industries by 108.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company's stock valued at $40,000 after acquiring an additional 261 shares during the period. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Mueller Industries during the 3rd quarter valued at $46,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Stock Performance

Shares of Mueller Industries stock opened at $134.75 on Thursday. The company has a market capitalization of $14.90 billion, a P/E ratio of 17.64 and a beta of 1.07. The company has a fifty day moving average of $116.33 and a 200 day moving average of $114.77. Mueller Industries, Inc. has a fifty-two week low of $71.54 and a fifty-two week high of $139.68.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.67. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Mueller Industries had a net margin of 19.37% and a return on equity of 26.53%. Mueller Industries's quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.39 EPS.

Mueller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 27th. Shareholders of record on Friday, March 13th were issued a dividend of $0.35 per share. This is a boost from Mueller Industries's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.0%. Mueller Industries's payout ratio is currently 20.38%.

Wall Street Analyst Weigh In

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

Insider Activity

In other Mueller Industries news, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $118.97, for a total transaction of $527,037.10. Following the completion of the transaction, the director owned 41,645 shares of the company's stock, valued at $4,954,505.65. This represents a 9.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $116.71, for a total transaction of $116,710.00. Following the transaction, the director directly owned 90,664 shares of the company's stock, valued at $10,581,395.44. This trade represents a 1.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is owned by corporate insiders.

Mueller Industries 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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