Convergence Investment Partners LLC Acquires Shares of 5,069 Mueller Industries, Inc. $MLI

Convergence Investment Partners LLC acquired a new position in shares of Mueller Industries, Inc. (NYSE:MLI) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 5,069 shares of the industrial products company’s stock, valued at approximately $513,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Employees Retirement System of Texas bought a new stake in shares of Mueller Industries in the second quarter worth $34,000. Root Financial Partners LLC bought a new position in Mueller Industries during the 3rd quarter worth approximately $38,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Mueller Industries by 108.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 261 shares during the last quarter. True Wealth Design LLC raised its position in shares of Mueller Industries by 5,691.7% during the 3rd quarter. True Wealth Design LLC now owns 695 shares of the industrial products company’s stock valued at $70,000 after acquiring an additional 683 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in Mueller Industries during the second quarter worth $79,000. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy”.

Mueller Industries Price Performance

Shares of Mueller Industries stock opened at $139.28 on Tuesday. Mueller Industries, Inc. has a 1-year low of $66.84 and a 1-year high of $139.29. The business’s fifty day moving average price is $120.53 and its two-hundred day moving average price is $105.84. The company has a market capitalization of $15.46 billion, a P/E ratio of 20.79 and a beta of 1.03.

Mueller Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were given a dividend of $0.25 per share. The ex-dividend date was Friday, December 5th. This represents a $1.00 annualized dividend and a dividend yield of 0.7%. Mueller Industries’s dividend payout ratio (DPR) is 14.93%.

Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $108.64, for a total value of $459,981.76. Following the completion of the sale, the director owned 41,745 shares in the company, valued at $4,535,176.80. This represents a 9.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.70% of the company’s stock.

Mueller Industries 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.