Principal Financial Group Inc. increased its stake in Mueller Industries Inc. (NYSE:MLI) by 3.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 415,599 shares of the company’s stock after buying an additional 11,956 shares during the period. Principal Financial Group Inc. owned 0.73% of Mueller Industries worth $13,249,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Aperio Group LLC bought a new stake in Mueller Industries during the first quarter valued at approximately $358,000. Teachers Advisors Inc. boosted its stake in Mueller Industries by 12.1% in the first quarter. Teachers Advisors Inc. now owns 453,173 shares of the company’s stock worth $13,332,000 after buying an additional 48,910 shares during the period. Prudential Financial Inc. boosted its stake in Mueller Industries by 22.9% in the first quarter. Prudential Financial Inc. now owns 406,535 shares of the company’s stock worth $11,960,000 after buying an additional 75,777 shares during the period. BlackRock Inc. boosted its stake in Mueller Industries by 11.0% in the first quarter. BlackRock Inc. now owns 24,508 shares of the company’s stock worth $721,000 after buying an additional 2,435 shares during the period. Finally, BlackRock Fund Advisors boosted its stake in Mueller Industries by 0.7% in the first quarter. BlackRock Fund Advisors now owns 3,625,342 shares of the company’s stock worth $106,658,000 after buying an additional 24,339 shares during the period. Institutional investors and hedge funds own 92.10% of the company’s stock.
Shares of Mueller Industries Inc. (NYSE:MLI) opened at 31.49 on Monday. The firm has a market capitalization of $1.80 billion, a PE ratio of 20.32 and a beta of 1.11. Mueller Industries Inc. has a 1-year low of $23.09 and a 1-year high of $35.52. The firm has a 50-day moving average of $33.27 and a 200-day moving average of $32.11.
Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, July 19th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by $0.06. Mueller Industries had a net margin of 4.25% and a return on equity of 10.15%. On average, equities research analysts anticipate that Mueller Industries Inc. will post $1.55 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 19th. Shareholders of record on Friday, September 2nd were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, August 31st. This represents a $0.40 dividend on an annualized basis and a yield of 1.27%. Mueller Industries’s payout ratio is presently 24.24%.
In other Mueller Industries news, VP Richard W. Corman sold 3,768 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $34.20, for a total transaction of $128,865.60. Following the transaction, the vice president now directly owns 34,122 shares in the company, valued at approximately $1,166,972.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.30% of the company’s stock.
About Mueller Industries
Mueller Industries, Inc (Mueller) is a manufacturer of copper, brass, aluminum and plastic products. The Company operates through two segments: Plumbing & Refrigeration and Original Equipment Manufacturers (OEM). Its Plumbing & Refrigeration segment consists of Standard Products (SPD), Great Lakes Copper Ltd.
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