Aventail Capital Group LP Makes New $7 Million Investment in Mueller Industries, Inc. $MLI

Aventail Capital Group LP purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 69,211 shares of the industrial products company’s stock, valued at approximately $6,998,000. Aventail Capital Group LP owned 0.06% of Mueller Industries 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 modified their holdings of the stock. NewEdge Advisors LLC lifted its holdings in Mueller Industries by 10.7% in the first quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock worth $1,121,000 after purchasing an additional 1,420 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Mueller Industries by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company’s stock valued at $17,563,000 after buying an additional 3,316 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Mueller Industries during the 1st quarter valued at about $524,000. Savant Capital LLC acquired a new position in Mueller Industries during the 2nd quarter valued at about $331,000. Finally, Vise Technologies Inc. bought a new stake in shares of Mueller Industries during the 2nd quarter worth about $368,000. 94.50% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MLI has been the subject 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 lowered shares of 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, Based on data from MarketBeat, the company presently has a consensus rating of “Buy”.

Mueller Industries Stock Down 1.0%

NYSE:MLI opened at $109.70 on Friday. The business’s 50-day moving average price is $122.61 and its 200 day moving average price is $111.44. Mueller Industries, Inc. has a 52-week low of $66.84 and a 52-week high of $139.29. The firm has a market cap of $12.17 billion, a P/E ratio of 15.97 and a beta of 1.04.

Mueller Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be paid a dividend of $0.35 per share. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, March 13th. Mueller Industries’s dividend payout ratio (DPR) is currently 14.56%.

Insider Activity at Mueller Industries

In related news, Director Scott Jay Goldman sold 4,430 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $118.97, for a total transaction of $527,037.10. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred 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 completion of the transaction, the director owned 90,664 shares in the company, valued at approximately $10,581,395.44. This trade represents a 1.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.70% of the stock is owned by corporate insiders.

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.