Gabelli Funds LLC Decreases Stock Holdings in Mueller Industries, Inc. $MLI

Gabelli Funds LLC lowered its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 9.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,469,050 shares of the industrial products company’s stock after selling 147,200 shares during the period. Mueller Industries makes up approximately 1.0% of Gabelli Funds LLC’s holdings, making the stock its 12th biggest position. Gabelli Funds LLC’s holdings in Mueller Industries were worth $148,536,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Barclays PLC lifted its position in Mueller Industries by 158.3% during the third quarter. Barclays PLC now owns 236,312 shares of the industrial products company’s stock valued at $23,894,000 after purchasing an additional 144,821 shares during the period. Crossmark Global Holdings Inc. lifted its holdings in shares of Mueller Industries by 8.0% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 6,630 shares of the industrial products company’s stock valued at $670,000 after buying an additional 491 shares during the period. Corient IA LLC bought a new position in Mueller Industries in the third quarter valued at about $253,000. Montag A & Associates Inc. purchased a new position in Mueller Industries in the third quarter worth about $117,000. Finally, Picton Mahoney Asset Management grew its stake in shares of Mueller Industries by 9.1% during the 3rd quarter. Picton Mahoney Asset Management now owns 223,048 shares of the industrial products company’s stock valued at $22,551,000 after purchasing an additional 18,572 shares during the period. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Trading Down 1.9%

Shares of NYSE MLI opened at $114.71 on Friday. Mueller Industries, Inc. has a 12-month low of $66.84 and a 12-month high of $139.29. The firm’s 50-day moving average price is $122.96 and its 200-day moving average price is $110.64. The stock has a market capitalization of $12.73 billion, a price-to-earnings ratio of 16.70 and a beta of 1.04.

Mueller Industries Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. 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. Mueller Industries’s dividend payout ratio is 14.56%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a report 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 equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Mueller Industries presently has an average rating of “Buy”.

Insider Activity at Mueller Industries

In other news, Director Scott Jay Goldman sold 4,430 shares of the firm’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $118.97, for a total value of $527,037.10. Following the completion of the sale, the director owned 41,645 shares in the company, valued at approximately $4,954,505.65. This trade represents a 9.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated 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 directly 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. Additional details regarding this sale are available in the official SEC disclosure. 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.