JPMorgan Chase & Co. Sells 203,269 Shares of Mueller Industries, Inc. $MLI

JPMorgan Chase & Co. cut its holdings in Mueller Industries, Inc. (NYSE:MLI) by 25.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 590,047 shares of the industrial products company’s stock after selling 203,269 shares during the period. JPMorgan Chase & Co.’s holdings in Mueller Industries were worth $59,662,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its position in Mueller Industries by 3.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock worth $232,900,000 after purchasing an additional 77,330 shares during the last quarter. LSV Asset Management raised its stake in shares of Mueller Industries by 0.9% during the 2nd quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock worth $153,649,000 after purchasing an additional 16,757 shares during the period. Norges Bank bought a new stake in shares of Mueller Industries during the 2nd quarter worth $127,287,000. Qube Research & Technologies Ltd purchased a new position in shares of Mueller Industries in the 2nd quarter worth about $75,901,000. Finally, AQR Capital Management LLC grew its position in Mueller Industries by 56.1% during the second quarter. AQR Capital Management LLC now owns 918,802 shares of the industrial products company’s stock valued at $73,017,000 after buying an additional 330,374 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the transaction, the director owned 90,664 shares of the company’s stock, valued at $10,581,395.44. The trade was a 1.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $118.97, for a total transaction of $527,037.10. Following the completion of the sale, the director directly owned 41,645 shares in the company, valued at approximately $4,954,505.65. The trade was a 9.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.70% of the stock is currently owned by insiders.

Mueller Industries Trading Down 1.2%

Shares of MLI stock opened at $118.65 on Thursday. The firm’s 50 day moving average is $122.82 and its 200 day moving average is $109.50. The stock has a market capitalization of $13.17 billion, a P/E ratio of 17.27 and a beta of 1.03. Mueller Industries, Inc. has a 12 month low of $66.84 and a 12 month high of $139.29.

Mueller Industries Increases Dividend

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

Analyst Upgrades and Downgrades

MLI has been the topic of several research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. Wall Street Zen downgraded Mueller Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Mueller Industries currently has an average rating of “Buy”.

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.