Blog

Sep 01, 2023

Connor Clark & Lunn Investment Management Ltd. Acquires New Shares in Mueller Industries, Inc. (NYSE:MLI)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the 1st quarter, according to its most recent disclosure with the

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,985 shares of the industrial products company's stock, valued at approximately $954,000.

Several other large investors have also bought and sold shares of MLI. U.S. Capital Wealth Advisors LLC acquired a new stake in Mueller Industries in the fourth quarter valued at about $36,000. Point72 Hong Kong Ltd acquired a new stake in shares of Mueller Industries during the second quarter valued at about $40,000. Federated Hermes Inc. boosted its stake 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 valued at $50,000 after purchasing an additional 298 shares in the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Mueller Industries during the fourth quarter valued at about $52,000. Finally, EMC Capital Management acquired a new stake in shares of Mueller Industries during the fourth quarter valued at about $84,000. 95.39% of the stock is owned by institutional investors and hedge funds.

Separately, StockNews.com began coverage on Mueller Industries in a research note on Thursday, August 17th. They set a "hold" rating on the stock.

Read Our Latest Stock Analysis on MLI

Shares of MLI stock opened at $76.97 on Thursday. The business's 50-day moving average price is $82.64 and its 200-day moving average price is $76.86. Mueller Industries, Inc. has a 12 month low of $57.10 and a 12 month high of $91.93. The firm has a market capitalization of $4.37 billion, a price-to-earnings ratio of 6.76 and a beta of 1.09.

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

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

In other news, CEO Gregory L. Christopher sold 6,449 shares of the firm's stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $78.06, for a total transaction of $503,408.94. Following the completion of the transaction, the chief executive officer now directly owns 72,260 shares in the company, valued at $5,640,615.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Mueller Industries news, Director John B. Hansen sold 2,500 shares of Mueller Industries stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $78.33, for a total value of $195,825.00. Following the completion of the sale, the director now directly owns 59,681 shares in the company, valued at $4,674,812.73. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gregory L. Christopher sold 6,449 shares of Mueller Industries stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $78.06, for a total value of $503,408.94. Following the completion of the sale, the chief executive officer now owns 72,260 shares of the company's stock, valued at $5,640,615.60. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider Mueller Industries, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Mueller Industries wasn't on the list.

While Mueller Industries currently has a "hold" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.