Riggs Asset Managment Co. Inc. Purchases New Shares in Mueller Industries, Inc. $MLI

Riggs Asset Managment Co. Inc. purchased a new position in Mueller Industries, Inc. (NYSE:MLI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 70,791 shares of the industrial products company’s stock, valued at approximately $7,158,000. Mueller Industries makes up about 1.6% of Riggs Asset Managment Co. Inc.’s portfolio, making the stock its 21st biggest holding. Riggs Asset Managment Co. Inc. owned approximately 0.06% of Mueller Industries at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Savant Capital LLC lifted its stake in Mueller Industries by 239.2% in the 3rd quarter. Savant Capital LLC now owns 14,145 shares of the industrial products company’s stock valued at $1,430,000 after buying an additional 9,975 shares in the last quarter. Ballast Asset Management LP purchased a new stake in Mueller Industries during the 3rd quarter worth approximately $3,057,000. Entropy Technologies LP purchased a new stake in Mueller Industries during the 2nd quarter worth approximately $658,000. Ariose Capital Management Ltd acquired a new position in shares of Mueller Industries during the third quarter valued at approximately $3,904,000. Finally, Lecap Asset Management Ltd. acquired a new position in shares of Mueller Industries during the third quarter valued at approximately $1,503,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John B. Hansen sold 1,000 shares of the company’s stock in a transaction dated Monday, February 9th. The shares were sold at an average price of $116.71, for a total value of $116,710.00. Following the completion of the sale, the director owned 90,664 shares of the company’s stock, valued at approximately $10,581,395.44. This represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Scott Jay Goldman sold 4,430 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $118.97, for a total transaction of $527,037.10. Following the sale, the director owned 41,645 shares of the company’s stock, valued at approximately $4,954,505.65. The trade was a 9.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is owned by company insiders.

Mueller Industries Price Performance

MLI stock opened at $114.71 on Friday. Mueller Industries, Inc. has a 1 year low of $66.84 and a 1 year high of $139.29. The firm has a market capitalization of $12.73 billion, a PE ratio of 16.70 and a beta of 1.04. The business has a 50 day simple moving average of $122.96 and a 200-day simple moving average of $110.77.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a $0.35 dividend. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. Mueller Industries’s dividend payout ratio is 20.38%.

Analyst Ratings Changes

MLI has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. Wall Street Zen downgraded Mueller Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy”.

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.