Fmr LLC cut its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 10.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,110,184 shares of the industrial products company’s stock after selling 371,497 shares during the period. Fmr LLC owned about 5.40% of Mueller Industries worth $91,782,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Rhumbline Advisers grew its position in Mueller Industries by 1.3% during the 2nd quarter. Rhumbline Advisers now owns 157,900 shares of the industrial products company’s stock worth $4,660,000 after acquiring an additional 2,090 shares during the last quarter. First Midwest Bank Trust Division grew its position in Mueller Industries by 13.0% during the 2nd quarter. First Midwest Bank Trust Division now owns 18,222 shares of the industrial products company’s stock worth $538,000 after acquiring an additional 2,096 shares during the last quarter. Ingalls & Snyder LLC grew its position in Mueller Industries by 23.0% during the 2nd quarter. Ingalls & Snyder LLC now owns 12,300 shares of the industrial products company’s stock worth $363,000 after acquiring an additional 2,300 shares during the last quarter. Aperio Group LLC grew its position in Mueller Industries by 23.3% during the 2nd quarter. Aperio Group LLC now owns 14,525 shares of the industrial products company’s stock worth $429,000 after acquiring an additional 2,744 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Mueller Industries by 100.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,000 shares of the industrial products company’s stock worth $295,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 92.79% of the company’s stock.
Shares of MLI opened at $25.32 on Friday. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of 16.99 and a beta of 1.50. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.83 and a current ratio of 3.12. Mueller Industries, Inc. has a 52 week low of $23.32 and a 52 week high of $37.57.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Friday, December 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.58%. Mueller Industries’s payout ratio is 26.85%.
A number of equities research analysts recently commented on the company. Zacks Investment Research lowered Mueller Industries from a “hold” rating to a “strong sell” rating in a research report on Friday, October 26th. TheStreet lowered Mueller Industries from a “b-” rating to a “c+” rating in a research report on Monday, October 29th. Boenning Scattergood restated a “hold” rating on shares of Mueller Industries in a research report on Tuesday, October 23rd. Finally, ValuEngine lowered Mueller Industries from a “hold” rating to a “sell” rating in a research report on Monday, September 17th.
In other news, Director Scott Jay Goldman acquired 1,000 shares of the firm’s stock in a transaction on Friday, August 24th. The shares were purchased at an average cost of $33.24 per share, for a total transaction of $33,240.00. Following the transaction, the director now owns 11,000 shares of the company’s stock, valued at $365,640. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Gregory L. Christopher acquired 7,000 shares of the firm’s stock in a transaction on Thursday, October 25th. The stock was purchased at an average price of $25.50 per share, for a total transaction of $178,500.00. Following the completion of the transaction, the chairman now directly owns 452,069 shares in the company, valued at approximately $11,527,759.50. The disclosure for this purchase can be found here. Insiders acquired a total of 16,000 shares of company stock worth $413,900 over the last quarter. Corporate insiders own 2.80% of the company’s stock.
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Mueller Industries Company Profile
Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, plastic fittings, line sets, and related components for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems.
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