Mueller Industries, Inc. $MLI Shares Sold by Gamco Investors INC. ET AL

Gamco Investors INC. ET AL reduced its stake in Mueller Industries, Inc. (NYSE:MLI) by 15.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,193,912 shares of the industrial products company’s stock after selling 404,261 shares during the period. Mueller Industries accounts for about 2.1% of Gamco Investors INC. ET AL’s holdings, making the stock its biggest position. Gamco Investors INC. ET AL’s holdings in Mueller Industries were worth $221,826,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MLI. Allspring Global Investments Holdings LLC lifted its position in shares of Mueller Industries by 3.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock worth $232,900,000 after buying an additional 77,330 shares during the last quarter. LSV Asset Management boosted its holdings in shares of Mueller Industries by 0.9% in the 2nd quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after buying an additional 16,757 shares in the last quarter. Norges Bank purchased a new position in shares of Mueller Industries in the 2nd quarter valued at $127,287,000. Qube Research & Technologies Ltd purchased a new position in shares of Mueller Industries in the 2nd quarter valued at $75,901,000. Finally, AQR Capital Management LLC raised its stake in Mueller Industries by 56.1% during the 2nd quarter. AQR Capital Management LLC now owns 918,802 shares of the industrial products company’s stock worth $73,017,000 after acquiring an additional 330,374 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MLI. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. Wall Street Zen lowered Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy”.

Insiders Place Their Bets

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction on 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 approximately $10,581,395.44. This trade represents a 1.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Scott Jay Goldman sold 4,430 shares of the firm’s stock in a transaction on Friday, February 13th. The stock was sold at an average price of $118.97, for a total transaction of $527,037.10. Following the transaction, the director directly owned 41,645 shares in the company, valued at $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 owned by corporate insiders.

Mueller Industries Trading Down 1.9%

MLI stock opened at $114.71 on Friday. The company has a market capitalization of $12.73 billion, a P/E ratio of 16.70 and a beta of 1.04. The business has a 50 day simple moving average of $122.96 and a 200-day simple moving average of $110.64. Mueller Industries, Inc. has a twelve month low of $66.84 and a twelve month high of $139.29.

Mueller Industries Increases Dividend

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

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.