Advisors Management Group Inc. ADV Sells 9,259 Shares of Mueller Industries, Inc. $MLI

Advisors Management Group Inc. ADV lowered its stake in Mueller Industries, Inc. (NYSE:MLI) by 14.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 56,965 shares of the industrial products company’s stock after selling 9,259 shares during the period. Mueller Industries makes up 1.2% of Advisors Management Group Inc. ADV’s investment portfolio, making the stock its 24th biggest position. Advisors Management Group Inc. ADV’s holdings in Mueller Industries were worth $6,540,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Trust Advisors LP boosted its stake in shares of Mueller Industries by 3.0% during the third quarter. First Trust Advisors LP now owns 5,639,162 shares of the industrial products company’s stock valued at $570,176,000 after purchasing an additional 166,218 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of 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 valued at $261,439,000 after buying an additional 1,666,891 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Mueller Industries by 3.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock worth $232,900,000 after purchasing an additional 77,330 shares during the period. Norges Bank bought a new stake in shares of Mueller Industries in the second quarter worth $127,287,000. Finally, UBS Group AG grew its stake in shares of Mueller Industries by 837.0% in the third quarter. UBS Group AG now owns 1,283,943 shares of the industrial products company’s stock worth $129,819,000 after purchasing an additional 1,146,919 shares during the last quarter. Institutional investors own 94.50% of the company’s stock.

Mueller Industries Trading Down 1.0%

MLI opened at $108.40 on Friday. Mueller Industries, Inc. has a 1-year low of $66.84 and a 1-year high of $139.29. The company has a market cap of $12.03 billion, a price-to-earnings ratio of 15.78 and a beta of 1.04. The company’s fifty day moving average price is $119.72 and its two-hundred day moving average price is $112.41.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 27th. Stockholders of record on Friday, March 13th were issued a $0.35 dividend. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Friday, March 13th. Mueller Industries’s dividend payout ratio is 20.38%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MLI. Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. Wall Street Zen cut shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries currently has an average rating of “Buy”.

Insider Activity at Mueller Industries

In related news, Director Scott Jay Goldman sold 4,430 shares of the stock in a transaction on Friday, February 13th. The stock was sold at an average price of $118.97, for a total value of $527,037.10. Following the completion of the sale, the director directly owned 41,645 shares of the company’s stock, valued at approximately $4,954,505.65. This represents a 9.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction on Monday, February 9th. The shares were sold at an average price of $116.71, for a total value of $116,710.00. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.70% of the stock is owned by insiders.

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.