GAM Holding AG bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 14,987 shares of the industrial products company’s stock, valued at approximately $470,000.
Other large investors have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its holdings in Mueller Industries by 8.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 7,935 shares of the industrial products company’s stock worth $185,000 after acquiring an additional 627 shares during the period. Convergence Investment Partners LLC purchased a new position in Mueller Industries in the 1st quarter worth about $198,000. Amalgamated Bank purchased a new position in Mueller Industries in the 4th quarter worth about $208,000. Raymond James Financial Services Advisors Inc. purchased a new position in Mueller Industries in the 1st quarter worth about $215,000. Finally, Oppenheimer & Co. Inc. purchased a new position in Mueller Industries in the 1st quarter worth about $216,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research cut Mueller Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 10th.
NYSE:MLI opened at $28.06 on Thursday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.99 and a current ratio of 3.56. Mueller Industries, Inc. has a fifty-two week low of $21.49 and a fifty-two week high of $34.24. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 14.49 and a beta of 1.36.
Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, April 23rd. The industrial products company reported $0.28 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.29). Mueller Industries had a net margin of 3.87% and a return on equity of 19.32%. The business had revenue of $661.80 million for the quarter. The business’s revenue was up 3.4% on a year-over-year basis. As a group, equities analysts forecast that Mueller Industries, Inc. will post 1.45 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.43%. Mueller Industries’s dividend payout ratio (DPR) is presently 21.51%.
In other Mueller Industries news, Director Scott Jay Goldman bought 1,150 shares of the stock in a transaction on Wednesday, May 29th. The shares were bought at an average price of $27.35 per share, with a total value of $31,452.50. Following the purchase, the director now directly owns 12,450 shares in the company, valued at approximately $340,507.50. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.30% of the company’s stock.
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Mueller Industries Company Profile
Mueller Industries, Inc engages in the manufacture of copper, brass, aluminum, and plastic products. It operates through the following segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment consists of domestic piping systems group, Canadian operations, European operations, trading group, Jiangsu Mueller-Xingrong Copper Industries Limited, and Jungwoo Metal Ind.
Further Reading: Diversification
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