Gallo Partners LP Makes New $3.50 Million Investment in Mueller Industries, Inc. (NYSE:MLI)

Gallo Partners LP purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 44,051 shares of the industrial products company's stock, valued at approximately $3,496,000. Mueller Industries comprises about 2.6% of Gallo Partners LP's portfolio, making the stock its 8th largest position.

A number of other hedge funds also recently modified their holdings of the business. First Trust Advisors LP raised its position in Mueller Industries by 5.6% during the 4th quarter. First Trust Advisors LP now owns 6,214,930 shares of the industrial products company's stock worth $493,217,000 after purchasing an additional 327,479 shares during the last quarter. Invesco Ltd. raised its position in shares of Mueller Industries by 50.3% during the fourth quarter. Invesco Ltd. now owns 2,788,607 shares of the industrial products company's stock worth $221,304,000 after acquiring an additional 933,498 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Mueller Industries by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 2,705,588 shares of the industrial products company's stock valued at $214,763,000 after acquiring an additional 117,327 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in Mueller Industries during the 4th quarter valued at approximately $201,376,000. Finally, FMR LLC raised its holdings in Mueller Industries by 79.2% during the 4th quarter. FMR LLC now owns 1,911,689 shares of the industrial products company's stock worth $151,712,000 after purchasing an additional 845,031 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

Insiders Place Their Bets

In related news, Director Scott Jay Goldman sold 16,483 shares of the business's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $73.46, for a total transaction of $1,210,841.18. Following the transaction, the director now owns 39,615 shares in the company, valued at $2,910,117.90. The trade was a 29.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.70% of the company's stock.

Mueller Industries Stock Performance

Shares of NYSE:MLI traded up $2.08 during trading on Friday, reaching $75.56. The stock had a trading volume of 450,119 shares, compared to its average volume of 926,314. Mueller Industries, Inc. has a 52 week low of $53.53 and a 52 week high of $96.81. The firm's fifty day moving average is $75.96 and its 200 day moving average is $79.84. The stock has a market cap of $8.36 billion, a price-to-earnings ratio of 14.23 and a beta of 0.96.

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

Mueller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 1.32%. Mueller Industries's payout ratio is 18.21%.

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.