Connor Clark & Lunn Investment Management Ltd. Buys Shares of 12,246 Mueller Industries, Inc. $MLI

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Mueller Industries, Inc. (NYSE:MLI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 12,246 shares of the industrial products company’s stock, valued at approximately $1,505,000.

A number of other institutional investors also recently made changes to their positions in MLI. Fifth Third Bancorp increased its position in Mueller Industries by 2.2% during the 4th quarter. Fifth Third Bancorp now owns 3,485 shares of the industrial products company’s stock worth $400,000 after purchasing an additional 75 shares in the last quarter. SJS Investment Consulting Inc. lifted its holdings in Mueller Industries by 28.4% in the 1st quarter. SJS Investment Consulting Inc. now owns 371 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 82 shares in the last quarter. Root Financial Partners LLC lifted its holdings in Mueller Industries by 19.6% in the 1st quarter. Root Financial Partners LLC now owns 512 shares of the industrial products company’s stock valued at $57,000 after purchasing an additional 84 shares in the last quarter. Florida Financial Advisors LLC boosted its stake in shares of Mueller Industries by 3.7% during the 4th quarter. Florida Financial Advisors LLC now owns 2,510 shares of the industrial products company’s stock worth $288,000 after purchasing an additional 89 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in shares of Mueller Industries by 4.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,100 shares of the industrial products company’s stock worth $241,000 after purchasing an additional 99 shares during the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Trading Down 0.6%

NYSE MLI opened at $62.45 on Tuesday. The business’s 50-day moving average price is $63.02 and its 200 day moving average price is $62.64. Mueller Industries, Inc. has a twelve month low of $47.11 and a twelve month high of $71.12. The company has a market capitalization of $13.81 billion, a PE ratio of 16.26 and a beta of 1.11.

Mueller Industries (NYSE:MLI) last posted its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, beating the consensus estimate of $1.09 by $0.04. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the previous year, the business earned $1.96 EPS. The firm’s revenue was up 25.5% on a year-over-year basis.

Mueller Industries Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a $0.175 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.1%. Mueller Industries’s dividend payout ratio (DPR) is currently 18.23%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MLI. Northcoast Research raised shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Thursday, July 16th. Wall Street Zen lowered shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $75.00.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $68.13, for a total transaction of $68,130.00. Following the transaction, the director owned 29,000 shares of the company’s stock, valued at $1,975,770. This trade represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Scott Jay Goldman sold 2,000 shares of Mueller Industries stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $64.08, for a total transaction of $128,160.00. Following the completion of the transaction, the director owned 79,734 shares in the company, valued at approximately $5,109,354.72. This trade represents a 2.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 275,444 shares of company stock worth $18,885,398. 2.30% of the stock is owned by company insiders.

Mueller Industries Profile

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.