Citigroup Inc. Grows Stake in Mueller Industries, Inc. (NYSE:MLI)

Citigroup Inc. lifted its stake in Mueller Industries, Inc. (NYSE:MLI) by 48.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 147,833 shares of the industrial products company’s stock after buying an additional 48,045 shares during the period. Citigroup Inc. owned approximately 0.13% of Mueller Industries worth $10,954,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in Mueller Industries by 5.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 92,346 shares of the industrial products company’s stock worth $4,981,000 after acquiring an additional 4,477 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Mueller Industries by 24.0% in the first quarter. Janus Henderson Group PLC now owns 110,713 shares of the industrial products company’s stock valued at $5,971,000 after purchasing an additional 21,404 shares during the period. Virtu Financial LLC acquired a new stake in Mueller Industries during the 1st quarter valued at $267,000. Verity Asset Management Inc. increased its stake in Mueller Industries by 6.8% during the 1st quarter. Verity Asset Management Inc. now owns 4,763 shares of the industrial products company’s stock worth $257,000 after buying an additional 303 shares during the period. Finally, Boston Partners acquired a new position in Mueller Industries in the 1st quarter worth $1,325,000. Institutional investors and hedge funds own 94.50% of the company’s stock.

Mueller Industries Price Performance

NYSE:MLI opened at $80.83 on Friday. The firm has a 50-day moving average of $80.22 and a two-hundred day moving average of $68.83. The stock has a market cap of $9.19 billion, a P/E ratio of 15.70 and a beta of 1.01. Mueller Industries, Inc. has a 1-year low of $40.52 and a 1-year high of $96.81.

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

Mueller Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.99%. Mueller Industries’s dividend payout ratio (DPR) is presently 15.53%.

Insider Buying and Selling

In other news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 94,914 shares in the company, valued at approximately $7,886,404.26. The trade was a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction 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 transaction, the director now owns 17,733 shares in the company, valued at $1,632,145.32. This trade represents a 45.83 % 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.

About Mueller Industries

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.