Royce & Associates LP Sells 100,517 Shares of Mueller Industries, Inc. $MLI

Royce & Associates LP cut its stake in Mueller Industries, Inc. (NYSE:MLI) by 19.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 424,224 shares of the industrial products company’s stock after selling 100,517 shares during the period. Royce & Associates LP owned 0.38% of Mueller Industries worth $42,893,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Strategies Wealth Advisors LLC bought a new position in Mueller Industries in the 3rd quarter worth approximately $223,000. Huntington National Bank raised its position in shares of Mueller Industries by 76.9% during the third quarter. Huntington National Bank now owns 6,429 shares of the industrial products company’s stock worth $650,000 after acquiring an additional 2,795 shares during the last quarter. Argent Trust Co acquired a new position in shares of Mueller Industries during the third quarter valued at $2,805,000. Handelsbanken Fonder AB boosted its holdings in Mueller Industries by 11.1% in the third quarter. Handelsbanken Fonder AB now owns 31,148 shares of the industrial products company’s stock valued at $3,149,000 after acquiring an additional 3,100 shares during the last quarter. Finally, Banco Santander S.A. acquired a new stake in Mueller Industries in the third quarter worth about $6,782,000. 94.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MLI. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Mueller Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy”.

Mueller Industries Stock Performance

Shares of NYSE MLI opened at $118.00 on Friday. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $139.29. The stock has a market cap of $13.09 billion, a P/E ratio of 17.18 and a beta of 1.03. The firm has a 50 day moving average price of $123.03 and a 200 day moving average price of $109.89.

Mueller Industries Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a dividend of $0.35 per share. This is an increase from Mueller Industries’s previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, March 13th. Mueller Industries’s payout ratio is 14.56%.

Insider Activity

In related news, Director Scott Jay Goldman sold 4,430 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $118.97, for a total value of $527,037.10. Following the completion of the transaction, the director directly owned 41,645 shares in the company, valued at approximately $4,954,505.65. The trade was a 9.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $116.71, for a total value of $116,710.00. Following the sale, the director directly owned 90,664 shares of the company’s stock, valued at approximately $10,581,395.44. The trade was a 1.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.70% of the company’s stock.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.