Allspring Global Investments Holdings LLC Grows Stock Holdings in Mueller Industries, Inc. (NYSE:MLI)

Allspring Global Investments Holdings LLC increased its stake in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) by 90.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,039,933 shares of the industrial products company's stock after buying an additional 2,399,862 shares during the period. Allspring Global Investments Holdings LLC owned about 4.44% of Mueller Industries worth $237,633,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Mueller Industries by 0.7% during the first quarter. BlackRock Inc. now owns 8,779,865 shares of the industrial products company's stock worth $475,606,000 after acquiring an additional 64,501 shares during the last quarter. Vanguard Group Inc. raised its position in Mueller Industries by 1.9% during the first quarter. Vanguard Group Inc. now owns 6,341,321 shares of the industrial products company's stock worth $343,510,000 after acquiring an additional 116,393 shares during the last quarter. Pacer Advisors Inc. raised its position in Mueller Industries by 194.4% during the fourth quarter. Pacer Advisors Inc. now owns 2,883,088 shares of the industrial products company's stock worth $135,938,000 after acquiring an additional 1,903,745 shares during the last quarter. First Trust Advisors LP raised its position in Mueller Industries by 284.1% during the first quarter. First Trust Advisors LP now owns 2,701,964 shares of the industrial products company's stock worth $198,540,000 after acquiring an additional 1,998,534 shares during the last quarter. Finally, State Street Corp grew its stake in Mueller Industries by 1.1% during the second quarter. State Street Corp now owns 2,020,234 shares of the industrial products company's stock worth $176,326,000 after buying an additional 21,057 shares during the period. Hedge funds and other institutional investors own 94.50% of the company's stock.

Mueller Industries Trading Up 0.3 %

NYSE:MLI traded up $0.16 during mid-day trading on Monday, reaching $54.01. 434,339 shares of the stock were exchanged, compared to its average volume of 670,602. The business has a fifty day moving average price of $51.02 and a 200 day moving average price of $45.35. Mueller Industries, Inc. has a 1-year low of $32.94 and a 1-year high of $54.64. The firm has a market capitalization of $6.14 billion, a PE ratio of 10.13 and a beta of 1.08.

Mueller Industries (NYSE:MLI - Get Free Report) last released its earnings results on Tuesday, February 6th. The industrial products company reported $1.05 EPS for the quarter. The business had revenue of $732.38 million for the quarter. Mueller Industries had a net margin of 17.63% and a return on equity of 27.59%.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.48%. This is an increase from Mueller Industries's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, March 14th. Mueller Industries's dividend payout ratio is currently 15.05%.

Insider Activity

In related news, Director John B. Hansen sold 5,000 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.33, for a total value of $246,650.00. Following the completion of the sale, the director now directly owns 18,000 shares of the company's stock, valued at approximately $887,940. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Jeffrey Andrew Martin sold 47,280 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.25, for a total value of $2,328,540.00. Following the completion of the sale, the chief financial officer now directly owns 370,840 shares of the company's stock, valued at approximately $18,263,870. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hansen sold 5,000 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $49.33, for a total value of $246,650.00. Following the completion of the sale, the director now directly owns 18,000 shares of the company's stock, valued at $887,940. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on MLI. StockNews.com downgraded shares of Mueller Industries from a "buy" rating to a "hold" rating in a research note on Monday, January 22nd. Northcoast Research restated a "neutral" rating on shares of Mueller Industries in a research report on Friday, January 19th.

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.

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