Nordea Investment Management AB Sells 5,017 Shares of Mueller Industries, Inc. $MLI

Nordea Investment Management AB decreased its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 15.1% in the fourth quarter, Holdings Channel reports. The firm owned 28,239 shares of the industrial products company’s stock after selling 5,017 shares during the quarter. Nordea Investment Management AB’s holdings in Mueller Industries were worth $3,274,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its stake in shares of Mueller Industries by 10.7% in the 1st quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock valued at $1,121,000 after purchasing an additional 1,420 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Mueller Industries by 1.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company’s stock worth $17,563,000 after buying an additional 3,316 shares during the period. Acadian Asset Management LLC acquired a new stake in Mueller Industries in the 1st quarter valued at $524,000. Franklin Resources Inc. boosted its stake in Mueller Industries by 8.9% in the 2nd quarter. Franklin Resources Inc. now owns 137,528 shares of the industrial products company’s stock valued at $10,929,000 after buying an additional 11,246 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in Mueller Industries by 27.9% in the second quarter. Prudential Financial Inc. now owns 37,141 shares of the industrial products company’s stock valued at $3,251,000 after acquiring an additional 8,091 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy”.

Insider Activity at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $116.71, for a total value of $116,710.00. Following the completion of the sale, the director owned 90,664 shares of the company’s stock, valued at $10,581,395.44. This trade represents a 1.09% decrease in their ownership of the stock. 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 business’s stock in a transaction that occurred 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 completion of the transaction, the director owned 41,645 shares of the company’s stock, valued at $4,954,505.65. This trade represents a 9.61% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is owned by corporate insiders.

Mueller Industries Stock Down 1.0%

Shares of NYSE MLI opened at $108.40 on Friday. Mueller Industries, Inc. has a 12-month low of $66.84 and a 12-month high of $139.29. The firm’s 50-day simple moving average is $119.72 and its 200 day simple moving average is $112.29. The company has a market cap of $12.03 billion, a price-to-earnings ratio of 15.78 and a beta of 1.04.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were given a dividend of $0.35 per share. The ex-dividend date was Friday, March 13th. This is a positive change 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 1.3%. Mueller Industries’s dividend payout ratio (DPR) is currently 20.38%.

Mueller Industries Company 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.