Geode Capital Management LLC Raises Stock Holdings in Mueller Industries, Inc. $MLI

Geode Capital Management LLC increased its position in Mueller Industries, Inc. (NYSE:MLI) by 30.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,642,059 shares of the industrial products company’s stock after buying an additional 624,210 shares during the quarter. Geode Capital Management LLC owned 2.38% of Mueller Industries worth $303,359,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Activest Wealth Management purchased a new position in Mueller Industries during the 4th quarter valued at $27,000. JFS Wealth Advisors LLC increased its position in Mueller Industries by 121.1% during the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 138 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in Mueller Industries by 228.7% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 215 shares during the period. Atlantic Union Bankshares Corp purchased a new position in Mueller Industries during the 3rd quarter valued at $46,000. Finally, Trust Co. of Vermont purchased a new position in Mueller Industries during the 4th quarter valued at $52,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Price Performance

Shares of Mueller Industries stock opened at $126.21 on Tuesday. The stock has a market cap of $13.96 billion, a price-to-earnings ratio of 16.52 and a beta of 1.09. The firm’s 50-day moving average is $126.31 and its 200 day moving average is $120.77. Mueller Industries, Inc. has a 1 year low of $72.16 and a 1 year high of $141.51.

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

Mueller Industries Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Northcoast Research downgraded shares of Mueller Industries from a “buy” rating to a “neutral” rating in a research report on Thursday, May 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Tuesday, April 21st. Finally, Wall Street Zen downgraded shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Mueller Industries has an average rating of “Moderate Buy”.

Insider Transactions at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $137.29, for a total transaction of $14,177,389.14. Following the transaction, the chief executive officer owned 804,911 shares in the company, valued at approximately $110,506,231.19. This represents a 11.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% 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.