Argent Trust Co Acquires New Position in Mueller Industries, Inc. $MLI

Argent Trust Co acquired a new stake in Mueller Industries, Inc. (NYSE:MLI) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 27,746 shares of the industrial products company’s stock, valued at approximately $2,805,000.

A number of other institutional investors also recently modified their holdings of MLI. Handelsbanken Fonder AB increased its stake in shares of Mueller Industries by 11.1% in the third quarter. Handelsbanken Fonder AB now owns 31,148 shares of the industrial products company’s stock worth $3,149,000 after acquiring an additional 3,100 shares during the last quarter. Banco Santander S.A. purchased a new position in Mueller Industries in the third quarter valued at about $6,782,000. Choreo LLC increased its position in Mueller Industries by 43.5% in the 3rd quarter. Choreo LLC now owns 4,003 shares of the industrial products company’s stock worth $405,000 after purchasing an additional 1,213 shares during the last quarter. Intech Investment Management LLC raised its stake in shares of Mueller Industries by 19.7% during the 3rd quarter. Intech Investment Management LLC now owns 104,867 shares of the industrial products company’s stock worth $10,603,000 after purchasing an additional 17,276 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Mueller Industries during the 3rd quarter valued at about $1,220,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 4,430 shares of the business’s stock in a transaction 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 transaction, the director owned 41,645 shares of the company’s stock, valued at $4,954,505.65. The trade was a 9.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $116,710.00. Following the sale, the director owned 90,664 shares of the company’s stock, valued at $10,581,395.44. This trade represents a 1.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.70% of the company’s stock.

Mueller Industries Stock Performance

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

Mueller Industries Increases Dividend

The company 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 $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, March 13th. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. Mueller Industries’s dividend payout ratio (DPR) is 14.56%.

Analyst Ratings Changes

A number of equities analysts recently commented on MLI shares. Wall Street Zen downgraded Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One 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 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.