Mueller Industries, Inc. $MLI Shares Bought by Advisors Management Group Inc. ADV

Advisors Management Group Inc. ADV grew its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 29.8% during the third quarter, Holdings Channel.com reports. The firm owned 66,224 shares of the industrial products company’s stock after buying an additional 15,200 shares during the quarter. Mueller Industries accounts for approximately 1.2% of Advisors Management Group Inc. ADV’s portfolio, making the stock its 26th biggest position. Advisors Management Group Inc. ADV’s holdings in Mueller Industries were worth $6,696,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. AQR Capital Management LLC lifted its holdings in Mueller Industries by 181.4% in the third quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock worth $261,439,000 after purchasing an additional 1,666,891 shares during the period. Norges Bank acquired a new position in Mueller Industries during the 2nd quarter valued at about $127,287,000. UBS Group AG increased its stake in Mueller Industries by 837.0% during the 3rd quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock valued at $129,819,000 after buying an additional 1,146,919 shares during the period. Qube Research & Technologies Ltd bought a new stake in shares of Mueller Industries during the 2nd quarter worth about $75,901,000. Finally, Vaughan Nelson Investment Management L.P. bought a new stake in shares of Mueller Industries during the 3rd quarter worth about $51,789,000. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Stock Down 0.3%

Shares of Mueller Industries stock opened at $110.55 on Thursday. Mueller Industries, Inc. has a 12-month low of $66.84 and a 12-month high of $139.29. The firm has a market capitalization of $12.27 billion, a PE ratio of 16.09 and a beta of 1.04. The stock’s fifty day moving average is $122.09 and its 200-day moving average is $111.74.

Mueller Industries Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.35 dividend. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, March 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. Mueller Industries’s payout ratio is currently 20.38%.

Insider Buying and Selling

In related news, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, February 9th. The shares were sold at an average price of $116.71, for a total transaction of $116,710.00. Following the completion of the sale, the director directly owned 90,664 shares in the company, valued at approximately $10,581,395.44. This trade represents a 1.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Scott Jay Goldman sold 4,430 shares of Mueller Industries 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 sale, the director directly owned 41,645 shares of the company’s stock, valued at $4,954,505.65. This trade represents a 9.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on MLI. Wall Street Zen cut shares of 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 report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy”.

About Mueller Industries

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.