Chase Investment Counsel Corp Acquires New Shares in Mueller Industries, Inc. (NYSE:MLI)

Chase Investment Counsel Corp bought a new position in Mueller Industries, Inc. (NYSE:MLI) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 24,000 shares of the industrial products company’s stock, valued at approximately $1,131,000.

A number of other institutional investors have also recently made changes to their positions in MLI. Allspring Global Investments Holdings LLC boosted its holdings in Mueller Industries by 90.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 5,039,933 shares of the industrial products company’s stock worth $237,633,000 after purchasing an additional 2,399,862 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Mueller Industries by 194.4% in the fourth quarter. Pacer Advisors Inc. now owns 2,883,088 shares of the industrial products company’s stock worth $135,938,000 after acquiring an additional 1,903,745 shares during the period. Gates Capital Management Inc. increased its position in Mueller Industries by 53.4% during the third quarter. Gates Capital Management Inc. now owns 1,196,744 shares of the industrial products company’s stock valued at $89,947,000 after acquiring an additional 416,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Mueller Industries by 98.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,872 shares of the industrial products company’s stock valued at $30,359,000 after acquiring an additional 320,187 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Mueller Industries by 140.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 303,303 shares of the industrial products company’s stock valued at $14,140,000 after purchasing an additional 177,133 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Price Performance

Shares of MLI stock traded up $0.64 during trading hours on Monday, reaching $57.97. 176,282 shares of the company traded hands, compared to its average volume of 679,195. The firm has a 50-day moving average price of $52.44 and a 200 day moving average price of $47.14. The company has a market cap of $6.59 billion, a P/E ratio of 11.49 and a beta of 1.08. Mueller Industries, Inc. has a 12-month low of $34.96 and a 12-month high of $59.59.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $1.05 earnings per share for the quarter. The business had revenue of $732.38 million for the quarter. Mueller Industries had a net margin of 17.22% and a return on equity of 24.69%.

Mueller Industries Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.20 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.80 annualized dividend and a yield of 1.38%. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.15. Mueller Industries’s dividend payout ratio (DPR) is currently 16.03%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MLI shares. StockNews.com downgraded shares of Mueller Industries from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd. Northcoast Research reaffirmed a “neutral” rating on shares of Mueller Industries in a report on Friday, January 19th.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director John B. Hansen sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $49.33, for a total value of $246,650.00. Following the completion of the sale, the director now owns 18,000 shares of the company’s stock, valued at $887,940. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Mueller Industries news, Director John B. Hansen sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $49.33, for a total value of $246,650.00. Following the transaction, the director now directly owns 18,000 shares in the company, valued at approximately $887,940. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hansen sold 4,000 shares of Mueller Industries stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $57.29, for a total transaction of $229,160.00. Following the sale, the director now directly owns 104,214 shares of the company’s stock, valued at approximately $5,970,420.06. The disclosure for this sale can be found here. Insiders have sold 56,280 shares of company stock worth $2,804,350 over the last quarter. 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.