AdvisorShares Investments LLC Sells 27,360 Shares of Mueller Industries, Inc. $MLI

AdvisorShares Investments LLC reduced its holdings in Mueller Industries, Inc. (NYSE:MLI) by 30.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 61,444 shares of the industrial products company’s stock after selling 27,360 shares during the quarter. AdvisorShares Investments LLC’s holdings in Mueller Industries were worth $7,054,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MLI. AQR Capital Management LLC grew its position in shares of Mueller Industries by 181.4% in the 3rd quarter. AQR Capital Management LLC now owns 2,585,693 shares of the industrial products company’s stock worth $261,439,000 after buying an additional 1,666,891 shares during the last quarter. Norges Bank bought a new stake in shares of Mueller Industries in the 4th quarter worth approximately $171,281,000. UBS Group AG boosted its position 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 acquiring an additional 1,146,919 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Mueller Industries by 4,700.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 708,099 shares of the industrial products company’s stock worth $81,581,000 after acquiring an additional 693,347 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Mueller Industries by 30.9% during the 4th quarter. Geode Capital Management LLC now owns 2,642,059 shares of the industrial products company’s stock worth $303,359,000 after acquiring an additional 624,210 shares during the period. 94.50% of the stock is currently owned by institutional investors.

Mueller Industries Stock Up 0.4%

Mueller Industries stock opened at $128.39 on Friday. The company has a market capitalization of $14.20 billion, a P/E ratio of 16.80 and a beta of 1.13. The stock’s 50 day moving average is $125.98 and its 200 day moving average is $120.56. Mueller Industries, Inc. has a twelve month low of $72.16 and a twelve month high of $141.51.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, April 21st. The industrial products company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.67. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.10 billion. Mueller Industries had a return on equity of 25.97% and a net margin of 19.37%.The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.39 EPS.

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be paid a $0.35 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. Mueller Industries’s dividend payout ratio is presently 18.32%.

Analyst Ratings Changes

A number of research analysts have recently commented on MLI shares. Wall Street Zen cut Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Northcoast Research lowered Mueller Industries from a “buy” rating to a “neutral” rating in a research report on Thursday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Insider Buying and Selling at Mueller Industries

In related news, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the sale, the chief executive officer owned 804,911 shares in the company, valued at $110,506,231.19. This represents a 11.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.30% 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.