PineBridge Investments L.P. boosted its position in Mueller Industries Inc. (NYSE:MLI) by 3.7% during the second quarter, Holdings Channel reports. The fund owned 7,245 shares of the company’s stock after buying an additional 261 shares during the period. PineBridge Investments L.P.’s holdings in Mueller Industries were worth $231,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Manchester Capital Management LLC purchased a new stake in shares of Mueller Industries during the first quarter worth about $100,000. Teacher Retirement System of Texas boosted its stake in shares of Mueller Industries by 13.9% in the second quarter. Teacher Retirement System of Texas now owns 7,582 shares of the company’s stock worth $242,000 after buying an additional 923 shares during the last quarter. Murphy Capital Management Inc. purchased a new stake in shares of Mueller Industries during the second quarter worth about $251,000. Aperio Group LLC purchased a new stake in shares of Mueller Industries during the first quarter worth about $358,000. Finally, Legal & General Group Plc boosted its stake in shares of Mueller Industries by 2.0% in the first quarter. Legal & General Group Plc now owns 12,169 shares of the company’s stock worth $358,000 after buying an additional 238 shares during the last quarter. Institutional investors and hedge funds own 92.10% of the company’s stock.
Shares of Mueller Industries Inc. (NYSE:MLI) opened at 32.14 on Tuesday. The stock’s 50 day moving average price is $33.78 and its 200-day moving average price is $31.92. Mueller Industries Inc. has a one year low of $23.09 and a one year high of $35.52. The stock has a market cap of $1.84 billion, a PE ratio of 20.74 and a beta of 1.22.
Mueller Industries (NYSE:MLI) last announced its earnings results on Tuesday, July 19th. The company reported $0.49 EPS for the quarter, missing the consensus estimate 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 analysts predict that Mueller Industries Inc. will post $1.55 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 19th. Stockholders of record on Friday, September 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend was Wednesday, August 31st. Mueller Industries’s dividend payout ratio is 24.24%.
In other news, VP Richard W. Corman sold 3,768 shares of the company’s stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $34.20, for a total transaction of $128,865.60. Following the completion of the sale, the vice president now directly owns 34,122 shares of the company’s stock, valued at $1,166,972.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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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