Legal & General Group Plc Sells 44,387 Shares of Mueller Industries, Inc. $MLI

Legal & General Group Plc lessened its holdings in Mueller Industries, Inc. (NYSE:MLI) by 20.5% in the fourth quarter, Holdings Channel reports. The firm owned 172,089 shares of the industrial products company’s stock after selling 44,387 shares during the period. Legal & General Group Plc’s holdings in Mueller Industries were worth $19,756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in MLI. NewEdge Advisors LLC grew its stake in shares of Mueller Industries by 10.7% during the 1st quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock worth $1,121,000 after acquiring an additional 1,420 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Mueller Industries by 1.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 230,671 shares of the industrial products company’s stock worth $17,563,000 after acquiring an additional 3,316 shares during the period. Acadian Asset Management LLC bought a new position in shares of Mueller Industries during the 1st quarter worth $524,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Mueller Industries by 108.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 261 shares during the period. Finally, CW Advisors LLC grew its stake in shares of Mueller Industries by 4.0% during the 2nd quarter. CW Advisors LLC now owns 3,641 shares of the industrial products company’s stock worth $289,000 after acquiring an additional 140 shares during the period. Institutional investors own 94.50% of the company’s stock.

Wall Street Analysts Forecast Growth

MLI has been the subject of several research reports. Wall Street Zen downgraded Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Northcoast Research downgraded Mueller Industries from a “buy” rating to a “neutral” rating in a research note on Thursday, May 28th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Mueller Industries in a research note on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

Mueller Industries Stock Performance

Shares of MLI opened at $126.21 on Tuesday. The stock’s 50-day simple moving average is $126.31 and its 200 day simple moving average is $120.77. The stock has a market capitalization of $13.96 billion, a price-to-earnings ratio of 16.52 and a beta of 1.09. Mueller Industries, Inc. has a 52-week low of $72.16 and a 52-week high of $141.51.

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

Mueller Industries Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.40 annualized dividend and a dividend yield of 1.1%. Mueller Industries’s dividend payout ratio (DPR) is presently 18.32%.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, CEO Gregory L. Christopher sold 103,266 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $137.29, for a total value of $14,177,389.14. Following the sale, the chief executive officer owned 804,911 shares of the company’s stock, valued at $110,506,231.19. This trade represents a 11.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by insiders.

About Mueller Industries

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.