Fox Run Management L.L.C. Invests $1.22 Million in Mueller Industries, Inc. $MLI

Fox Run Management L.L.C. bought a new stake in Mueller Industries, Inc. (NYSE:MLI) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 12,071 shares of the industrial products company’s stock, valued at approximately $1,220,000.

Several other large investors have also recently bought and sold shares of MLI. Allspring Global Investments Holdings LLC increased its position in shares of Mueller Industries by 3.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,330,168 shares of the industrial products company’s stock worth $232,900,000 after purchasing an additional 77,330 shares during the last quarter. LSV Asset Management boosted its holdings in shares of Mueller Industries by 0.9% in the 2nd quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after buying an additional 16,757 shares during the last quarter. Norges Bank bought a new position in shares of Mueller Industries in the second quarter valued at $127,287,000. Qube Research & Technologies Ltd acquired a new position in Mueller Industries during the second quarter worth $75,901,000. Finally, AQR Capital Management LLC raised its position in Mueller Industries by 56.1% during the second quarter. AQR Capital Management LLC now owns 918,802 shares of the industrial products company’s stock worth $73,017,000 after acquiring an additional 330,374 shares in the last quarter. 94.50% of the stock is owned by institutional investors and hedge funds.

Mueller Industries Price Performance

NYSE:MLI opened at $118.65 on Thursday. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $139.29. The company has a market cap of $13.17 billion, a P/E ratio of 17.27 and a beta of 1.03. The firm’s fifty day moving average price is $122.82 and its two-hundred day moving average price is $109.50.

Mueller Industries Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from Mueller Industries’s previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a dividend yield of 1.2%. Mueller Industries’s dividend payout ratio (DPR) is currently 14.56%.

Insider Buying and Selling

In other news, Director John B. Hansen sold 1,000 shares of the stock in a transaction that occurred on Monday, February 9th. The stock was sold at an average price of $116.71, for a total transaction of $116,710.00. Following the transaction, the director owned 90,664 shares in the company, valued at approximately $10,581,395.44. This trade represents a 1.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Jay Goldman sold 4,430 shares of the business’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $118.97, for a total value of $527,037.10. Following the completion of the sale, the director owned 41,645 shares of the company’s stock, valued at $4,954,505.65. This trade represents a 9.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MLI. Weiss Ratings reissued a “buy (b)” rating on shares of Mueller Industries in a research report on Thursday, January 22nd. Wall Street Zen cut Mueller Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy”.

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.