Franklin Resources Inc. Has $5.07 Million Holdings in Mueller Industries, Inc. (NYSE:MLI)

Franklin Resources Inc. boosted its holdings in shares of Mueller Industries, Inc. (NYSE:MLI) by 6.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,102 shares of the industrial products company’s stock after acquiring an additional 4,360 shares during the period. Franklin Resources Inc. owned approximately 0.06% of Mueller Industries worth $5,073,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MLI. State Street Corp lifted its holdings in shares of Mueller Industries by 3.2% during the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock valued at $329,830,000 after purchasing an additional 139,406 shares in the last quarter. LSV Asset Management lifted its stake in Mueller Industries by 44.1% in the second quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock valued at $119,271,000 after buying an additional 641,114 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Mueller Industries by 27.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after buying an additional 315,490 shares during the period. Bank of New York Mellon Corp increased its position in shares of Mueller Industries by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 1,176,468 shares of the industrial products company’s stock worth $66,988,000 after acquiring an additional 7,756 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of Mueller Industries by 2.6% during the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock worth $79,039,000 after acquiring an additional 27,399 shares during the period. 94.50% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Mueller Industries

In other news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total value of $83,090.00. Following the completion of the transaction, the director now owns 94,914 shares of the company’s stock, valued at $7,886,404.26. This trade represents a 1.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $92.04, for a total transaction 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 represents a 45.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

Shares of Mueller Industries stock opened at $79.62 on Tuesday. The firm has a market cap of $9.06 billion, a PE ratio of 15.46 and a beta of 0.99. The business’s 50 day simple moving average is $83.20 and its 200 day simple moving average is $71.77. Mueller Industries, Inc. has a 52-week low of $44.39 and a 52-week high of $96.81.

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

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a dividend of $0.20 per share. The ex-dividend date was Friday, December 6th. This represents a $0.80 annualized dividend and a yield of 1.00%. Mueller Industries’s dividend payout ratio (DPR) is presently 15.53%.

Wall Street Analyst Weigh In

Separately, Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 target price for the company in a research note on Wednesday, December 11th.

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.