Picton Mahoney Asset Management Purchases 18,572 Shares of Mueller Industries, Inc. $MLI

Picton Mahoney Asset Management grew its position in shares of Mueller Industries, Inc. (NYSE:MLI) by 9.1% during the third quarter, Holdings Channel reports. The institutional investor owned 223,048 shares of the industrial products company’s stock after purchasing an additional 18,572 shares during the quarter. Picton Mahoney Asset Management’s holdings in Mueller Industries were worth $22,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in MLI. NewEdge Advisors LLC lifted its holdings in Mueller Industries by 10.7% during the first quarter. NewEdge Advisors LLC now owns 14,722 shares of the industrial products company’s stock valued at $1,121,000 after purchasing an additional 1,420 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Mueller Industries by 1.5% in the first 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 valued at $17,563,000 after purchasing an additional 3,316 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Mueller Industries during the 1st quarter valued at approximately $524,000. Envestnet Asset Management Inc. boosted its holdings in Mueller Industries by 7.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 312,110 shares of the industrial products company’s stock worth $24,803,000 after buying an additional 21,537 shares during the period. Finally, Spire Wealth Management grew its stake in Mueller Industries by 11.4% in the 2nd quarter. Spire Wealth Management now owns 4,084 shares of the industrial products company’s stock valued at $325,000 after buying an additional 417 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Price Performance

Shares of NYSE:MLI opened at $118.01 on Wednesday. The firm has a fifty day moving average price of $123.08 and a two-hundred day moving average price of $110.38. The company has a market cap of $13.09 billion, a price-to-earnings ratio of 17.18 and a beta of 1.04. Mueller Industries, Inc. has a one year low of $66.84 and a one year high of $139.29.

Mueller Industries Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.35 per share. The ex-dividend date 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 yield of 1.2%. Mueller Industries’s dividend payout ratio (DPR) is presently 14.56%.

Analyst Ratings Changes

Several equities research analysts have issued reports on MLI shares. Weiss Ratings restated 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 research analyst has rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy”.

Insider Transactions at Mueller Industries

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