CIBC Asset Management Inc Takes Position in Mueller Industries, Inc. (NYSE:MLI)

CIBC Asset Management Inc purchased a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,273 shares of the industrial products company’s stock, valued at approximately $243,000.

Several other hedge funds have also recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in shares of Mueller Industries in the 2nd quarter worth approximately $26,000. Federated Hermes Inc. bought a new stake in shares of Mueller Industries during the 2nd quarter valued at about $28,000. Opal Wealth Advisors LLC purchased a new stake in shares of Mueller Industries in the second quarter worth $30,000. GAMMA Investing LLC increased its holdings in Mueller Industries by 36.0% in the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 146 shares during the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new position in Mueller Industries in the third quarter worth about $64,000. 94.50% of the stock is currently owned by institutional investors.

Insider Transactions at Mueller Industries

In other Mueller Industries news, Director Charles P. Herzog, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $92.04, for a total value of $1,380,600.00. Following the sale, the director now owns 17,733 shares of the company’s stock, valued at $1,632,145.32. The trade was a 45.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hansen sold 1,000 shares of the firm’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total value of $83,090.00. Following the transaction, the director now owns 94,914 shares of the company’s stock, valued at approximately $7,886,404.26. This represents a 1.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Mueller Industries Trading Down 4.2 %

Shares of MLI opened at $87.82 on Friday. The firm has a fifty day moving average price of $79.59 and a 200-day moving average price of $68.29. The firm has a market capitalization of $9.99 billion, a P/E ratio of 17.05 and a beta of 1.01. Mueller Industries, Inc. has a 12-month low of $40.43 and a 12-month high of $96.81.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.32 by $0.16. The firm had revenue of $997.80 million during the quarter, compared to analyst estimates of $936.00 million. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. Mueller Industries’s revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Friday, December 6th. Mueller Industries’s dividend payout ratio (DPR) is 15.53%.

Mueller Industries Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.