Grantham Mayo Van Otterloo & Co. LLC Acquires 11,484 Shares of Mueller Industries, Inc. $MLI

Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in Mueller Industries, Inc. (NYSE:MLI) by 33.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,202 shares of the industrial products company’s stock after purchasing an additional 11,484 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Mueller Industries were worth $4,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MLI. First Trust Advisors LP raised its position in Mueller Industries by 3.0% in the 3rd quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock worth $570,176,000 after buying an additional 166,218 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Mueller Industries by 3.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock valued at $232,900,000 after acquiring an additional 77,330 shares during the period. LSV Asset Management boosted its holdings in shares of Mueller Industries by 0.9% during the 2nd quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after acquiring an additional 16,757 shares during the last quarter. Norges Bank bought a new stake in shares of Mueller Industries in the second quarter worth approximately $127,287,000. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Mueller Industries in the second quarter worth approximately $75,901,000. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $114.57 on Tuesday. The stock’s 50-day simple moving average is $122.90 and its two-hundred day simple moving average is $111.08. The stock has a market capitalization of $12.71 billion, a price-to-earnings ratio of 16.68 and a beta of 1.04. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $139.29.

Mueller Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change 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%. Mueller Industries’s payout ratio is 14.56%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MLI. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. Wall Street Zen downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries currently has a consensus rating of “Buy”.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $118.97, for a total value of $527,037.10. Following the transaction, the director directly owned 41,645 shares in the company, valued at approximately $4,954,505.65. This trade represents a 9.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction on Monday, February 9th. The stock was sold at an average price of $116.71, for a total transaction of $116,710.00. Following the transaction, the director owned 90,664 shares in the company, valued at $10,581,395.44. This represents a 1.09% decrease in their position. 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.