First Manhattan Co. lowered its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 23.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 49,848 shares of the industrial products company’s stock after selling 14,916 shares during the quarter. First Manhattan Co. owned about 0.09% of Mueller Industries worth $1,562,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. RBF Capital LLC acquired a new position in shares of Mueller Industries in the 4th quarter valued at about $304,000. Morgan Stanley lifted its holdings in shares of Mueller Industries by 65.4% in the 3rd quarter. Morgan Stanley now owns 234,041 shares of the industrial products company’s stock valued at $6,782,000 after buying an additional 92,554 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Mueller Industries by 1.3% in the 4th quarter. California Public Employees Retirement System now owns 179,381 shares of the industrial products company’s stock valued at $4,190,000 after buying an additional 2,303 shares during the period. Jefferies Group LLC purchased a new position in shares of Mueller Industries in the 3rd quarter valued at about $267,000. Finally, MetLife Investment Advisors LLC increased its stake in shares of Mueller Industries by 56.7% in the 3rd quarter. MetLife Investment Advisors LLC now owns 40,913 shares of the industrial products company’s stock valued at $1,186,000 after purchasing an additional 14,798 shares in the last quarter. 93.42% of the stock is owned by institutional investors.
In related news, Chairman Gregory L. Christopher sold 50,000 shares of Mueller Industries stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $32.69, for a total value of $1,634,500.00. Following the completion of the transaction, the chairman now owns 406,069 shares in the company, valued at approximately $13,274,395.61. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Scott Jay Goldman sold 1,000 shares of Mueller Industries stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $32.75, for a total value of $32,750.00. Following the completion of the transaction, the director now owns 10,700 shares of the company’s stock, valued at approximately $350,425. The disclosure for this sale can be found here. 3.30% of the stock is owned by insiders.
Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, February 5th. The industrial products company reported $0.47 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.25. Mueller Industries had a return on equity of 18.83% and a net margin of 4.17%. The firm had revenue of $559.09 million during the quarter. During the same quarter in the prior year, the firm earned $0.10 EPS. Mueller Industries’s revenue for the quarter was up 6.8% on a year-over-year basis. Analysts forecast that Mueller Industries, Inc. will post 1.9 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a dividend yield of 1.24%. Mueller Industries’s dividend payout ratio is presently 21.51%.
Several equities analysts recently weighed in on the company. TheStreet upgraded Mueller Industries from a “c+” rating to a “b” rating in a research note on Wednesday, February 6th. Zacks Investment Research upgraded Mueller Industries from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Thursday, February 7th. Finally, ValuEngine upgraded Mueller Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, February 5th.
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About Mueller Industries
Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, plastic fittings, line sets, and related components for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems.
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