Legal & General Group Plc Has $19.76 Million Stake in Mueller Industries, Inc. $MLI

Legal & General Group Plc trimmed its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 20.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 172,089 shares of the industrial products company’s stock after selling 44,387 shares during the quarter. Legal & General Group Plc owned 0.16% of Mueller Industries worth $19,756,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Mueller Industries by 2.5% during the fourth quarter. Vanguard Group Inc. now owns 10,515,780 shares of the industrial products company’s stock worth $1,207,212,000 after purchasing an additional 260,306 shares during the period. First Trust Advisors LP raised its position in shares of Mueller Industries by 3.0% during the third quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock worth $570,176,000 after purchasing an additional 166,218 shares during the period. AQR Capital Management LLC raised its position in shares of Mueller Industries by 181.4% during the third quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock worth $261,439,000 after purchasing an additional 1,666,891 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Mueller Industries by 4.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,426,608 shares of the industrial products company’s stock worth $283,452,000 after purchasing an additional 96,440 shares during the period. Finally, UBS Group AG raised its position in shares of Mueller Industries by 837.0% during the third quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock worth $129,819,000 after purchasing an additional 1,146,919 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MLI has been the topic of a number of research reports. Wall Street Zen lowered Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Northcoast Research lowered Mueller Industries from a “buy” rating to a “neutral” rating in a research report on Thursday, May 28th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Mueller Industries has an average rating of “Moderate Buy”.

Mueller Industries Trading Down 1.9%

NYSE MLI opened at $126.21 on Tuesday. The firm has a market capitalization of $13.96 billion, a P/E ratio of 16.52 and a beta of 1.09. The business has a fifty day simple moving average of $126.31 and a 200 day simple moving average of $120.77. Mueller Industries, Inc. has a 12 month low of $72.16 and a 12 month high of $141.51.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.67. The firm had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.10 billion. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.The business’s revenue for the quarter was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.39 EPS.

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, June 5th. Mueller Industries’s dividend payout ratio is 18.32%.

Insider Transactions at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the completion of the transaction, the chief executive officer owned 804,911 shares in the company, valued at $110,506,231.19. This represents a 11.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by company insiders.

About Mueller Industries

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.