CIBC Asset Management Inc purchased a new position in shares of Mueller Industries, Inc. (NYSE:MLI) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 7,531 shares of the industrial products company’s stock, valued at approximately $222,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rhumbline Advisers increased its position in shares of Mueller Industries by 1.3% during the second quarter. Rhumbline Advisers now owns 157,900 shares of the industrial products company’s stock worth $4,660,000 after purchasing an additional 2,090 shares in the last quarter. First Midwest Bank Trust Division grew its holdings in Mueller Industries by 13.0% in the 2nd quarter. First Midwest Bank Trust Division now owns 18,222 shares of the industrial products company’s stock valued at $538,000 after buying an additional 2,096 shares in the last quarter. Aperio Group LLC grew its holdings in Mueller Industries by 23.3% in the 2nd quarter. Aperio Group LLC now owns 14,525 shares of the industrial products company’s stock valued at $429,000 after buying an additional 2,744 shares in the last quarter. Brinker Capital Inc. grew its holdings in Mueller Industries by 36.0% in the 1st quarter. Brinker Capital Inc. now owns 10,697 shares of the industrial products company’s stock valued at $280,000 after buying an additional 2,829 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Mueller Industries by 3.4% in the 1st quarter. Swiss National Bank now owns 95,400 shares of the industrial products company’s stock valued at $2,496,000 after buying an additional 3,100 shares in the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.
In other Mueller Industries news, Director John B. Hansen sold 4,000 shares of the company’s stock in a transaction on Thursday, July 26th. The stock was sold at an average price of $32.25, for a total value of $129,000.00. Following the completion of the sale, the director now directly owns 45,607 shares in the company, valued at approximately $1,470,825.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Anthony Steinriede sold 2,500 shares of the company’s stock in a transaction on Monday, July 30th. The shares were sold at an average price of $31.96, for a total value of $79,900.00. Following the completion of the sale, the vice president now owns 9,669 shares of the company’s stock, valued at $309,021.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,500 shares of company stock valued at $306,220. 2.80% of the stock is owned by company insiders.
Several analysts have issued reports on MLI shares. TheStreet upgraded Mueller Industries from a “c” rating to a “b-” rating in a report on Friday, May 18th. Boenning Scattergood started coverage on Mueller Industries in a report on Friday, May 18th. They issued a “neutral” rating for the company.
Shares of NYSE:MLI opened at $31.07 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 3.43 and a quick ratio of 2.35. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 20.85 and a beta of 1.43. Mueller Industries, Inc. has a 52-week low of $25.26 and a 52-week high of $37.57.
Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 24th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.04. The company had revenue of $662.77 million during the quarter, compared to analysts’ expectations of $663.41 million. Mueller Industries had a return on equity of 16.10% and a net margin of 3.59%. equities analysts expect that Mueller Industries, Inc. will post 1.82 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Shareholders of record on Friday, September 7th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.29%. The ex-dividend date is Thursday, September 6th. Mueller Industries’s payout ratio is currently 26.85%.
About Mueller Industries
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.
Featured Article: Understanding Average Daily Trade Volume
Want to see what other hedge funds are holding MLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Mueller Industries, Inc. (NYSE:MLI).
Receive News & Ratings for Mueller Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mueller Industries and related companies with MarketBeat.com's FREE daily email newsletter.