Mueller Industries, Inc. (NYSE:MLI) Shares Acquired by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC lifted its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 33.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 79,055 shares of the industrial products company’s stock after purchasing an additional 19,847 shares during the quarter. Mueller Industries accounts for approximately 1.1% of Oliver Luxxe Assets LLC’s investment portfolio, making the stock its 21st biggest holding. Oliver Luxxe Assets LLC’s holdings in Mueller Industries were worth $6,274,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Federated Hermes Inc. purchased a new position in shares of Mueller Industries in the second quarter worth about $28,000. GAMMA Investing LLC raised its position in Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock worth $41,000 after buying an additional 146 shares during the last quarter. Westside Investment Management Inc. acquired a new stake in Mueller Industries during the 3rd quarter valued at approximately $41,000. Harbor Capital Advisors Inc. purchased a new stake in shares of Mueller Industries in the 3rd quarter valued at $64,000. Finally, Larson Financial Group LLC increased its stake in shares of Mueller Industries by 61.7% in the second quarter. Larson Financial Group LLC now owns 967 shares of the industrial products company’s stock worth $55,000 after acquiring an additional 369 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the sale, the director now directly owns 17,733 shares of the company’s stock, valued at approximately $1,632,145.32. This trade represents a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total value of $83,090.00. Following the transaction, the director now directly owns 94,914 shares of the company’s stock, valued at approximately $7,886,404.26. The trade was a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Mueller Industries Price Performance

MLI stock traded up $0.14 during trading on Monday, hitting $80.88. 252,152 shares of the company traded hands, compared to its average volume of 440,224. Mueller Industries, Inc. has a 1 year low of $44.39 and a 1 year high of $96.81. The stock’s 50-day simple moving average is $83.78 and its 200 day simple moving average is $73.35. The company has a market cap of $9.20 billion, a PE ratio of 15.70 and a beta of 1.00.

Mueller Industries (NYSE:MLI) last posted its earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.16. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The firm had revenue of $997.80 million during the quarter, compared to analysts’ expectations of $936.00 million. Mueller Industries’s quarterly revenue was up 21.7% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.99%. The ex-dividend date was Friday, December 6th. Mueller Industries’s payout ratio is currently 15.53%.

Wall Street Analysts Forecast Growth

Separately, Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 target price for the company in a research report on Wednesday, December 11th.

Mueller Industries Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.