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Aug 27, 2023

JT Stratford LLC Makes New Investment in Mueller Industries, Inc. (NYSE:MLI)

JT Stratford LLC bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange

JT Stratford LLC bought a new position in shares of Mueller Industries, Inc. (NYSE:MLI - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 19,656 shares of the industrial products company's stock, valued at approximately $1,444,000.

A number of other hedge funds have also recently bought and sold shares of MLI. U.S. Capital Wealth Advisors LLC acquired a new stake in Mueller Industries during the 4th quarter worth about $36,000. Point72 Hong Kong Ltd acquired a new position in shares of Mueller Industries during the second quarter worth approximately $40,000. Federated Hermes Inc. lifted its holdings in shares of Mueller Industries by 54.9% during the third quarter. Federated Hermes Inc. now owns 841 shares of the industrial products company's stock worth $50,000 after buying an additional 298 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Mueller Industries in the fourth quarter valued at $52,000. Finally, EMC Capital Management acquired a new position in shares of Mueller Industries in the fourth quarter valued at $84,000. 95.39% of the stock is owned by institutional investors and hedge funds.

Shares of MLI stock traded up $0.10 during trading hours on Wednesday, hitting $76.72. 66,621 shares of the company's stock were exchanged, compared to its average volume of 424,249. Mueller Industries, Inc. has a 52 week low of $57.10 and a 52 week high of $91.93. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of 6.73 and a beta of 1.09. The stock's 50-day moving average is $83.52 and its 200-day moving average is $76.57.

Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $3.12 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.72. The company had revenue of $897.00 million for the quarter, compared to analyst estimates of $1.04 billion. Mueller Industries had a return on equity of 33.92% and a net margin of 17.46%. The business's quarterly revenue was down 22.0% on a year-over-year basis.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, August 31st. This represents a $1.20 annualized dividend and a dividend yield of 1.56%. Mueller Industries's dividend payout ratio is currently 10.54%.

In related news, CEO Gregory L. Christopher sold 23,991 shares of Mueller Industries stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $76.05, for a total transaction of $1,824,515.55. Following the completion of the sale, the chief executive officer now directly owns 70,787 shares of the company's stock, valued at approximately $5,383,351.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Gregory L. Christopher sold 13,800 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $79.64, for a total value of $1,099,032.00. Following the completion of the sale, the chief executive officer now directly owns 78,900 shares of the company's stock, valued at $6,283,596. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gregory L. Christopher sold 23,991 shares of the stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $76.05, for a total value of $1,824,515.55. Following the transaction, the chief executive officer now directly owns 70,787 shares of the company's stock, valued at $5,383,351.35. The disclosure for this sale can be found here. In the last three months, insiders sold 46,740 shares of company stock worth $3,622,781. 3.00% of the stock is owned by company insiders.

Separately, StockNews.com cut Mueller Industries from a "buy" rating to a "hold" rating in a research report on Monday, July 24th.

Read Our Latest Analysis on MLI

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; PEX plumbing and radiant systems; and plumbing-related fittings and plastic injection tooling.

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