Oliver Luxxe Assets LLC Cuts Stock Position in Mueller Industries, Inc. $MLI

Oliver Luxxe Assets LLC reduced its position in Mueller Industries, Inc. (NYSE:MLI) by 6.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 88,465 shares of the industrial products company’s stock after selling 6,360 shares during the quarter. Mueller Industries comprises approximately 1.5% of Oliver Luxxe Assets LLC’s investment portfolio, making the stock its 11th largest position. Oliver Luxxe Assets LLC owned about 0.08% of Mueller Industries worth $10,156,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC raised its holdings in Mueller Industries by 121.1% in the 3rd quarter. JFS Wealth Advisors LLC now owns 252 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 138 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in Mueller Industries by 228.7% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 309 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 215 shares in the last quarter. Employees Retirement System of Texas acquired a new position in shares of Mueller Industries during the 2nd quarter worth approximately $34,000. Root Financial Partners LLC purchased a new stake in shares of Mueller Industries in the third quarter valued at approximately $38,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Mueller Industries by 108.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 501 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 261 shares in the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Buying and Selling at Mueller Industries

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on MLI. Wall Street Zen downgraded Mueller Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy”.

Mueller Industries Stock Performance

MLI stock opened at $107.77 on Friday. The firm has a market cap of $11.96 billion, a PE ratio of 15.69 and a beta of 1.04. The firm’s 50 day moving average price is $121.54 and its 200-day moving average price is $111.93. 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 declared a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th will be paid a $0.35 dividend. This is a boost from Mueller Industries’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. Mueller Industries’s dividend payout ratio is currently 20.38%.

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.