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Aug 28, 2023

Mueller Industries, Inc. (NYSE:MLI) Stake Boosted by Van ECK Associates Corp

Van ECK Associates Corp increased its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 283.3% during the 1st quarter, according to the company in its most recent 13F filing with the

Van ECK Associates Corp increased its stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 283.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,999 shares of the industrial products company's stock after purchasing an additional 5,912 shares during the period. Van ECK Associates Corp's holdings in Mueller Industries were worth $588,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. U.S. Capital Wealth Advisors LLC acquired a new stake in shares of Mueller Industries in the fourth quarter valued at approximately $36,000. Point72 Hong Kong Ltd bought a new stake in Mueller Industries during the 2nd quarter valued at $40,000. Federated Hermes Inc. boosted its position in Mueller Industries by 54.9% during the 3rd quarter. Federated Hermes Inc. now owns 841 shares of the industrial products company's stock worth $50,000 after acquiring an additional 298 shares during the period. Dark Forest Capital Management LP bought a new position in shares of Mueller Industries in the fourth quarter worth $52,000. Finally, EMC Capital Management acquired a new position in shares of Mueller Industries during the fourth quarter valued at $84,000. Institutional investors and hedge funds own 95.39% of the company's stock.

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

NYSE MLI opened at $78.16 on Monday. The firm has a market capitalization of $4.44 billion, a PE ratio of 6.86 and a beta of 1.09. Mueller Industries, Inc. has a 12 month low of $57.10 and a 12 month high of $91.93. The company's 50 day simple moving average is $83.45 and its 200 day simple moving average is $75.91.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $3.12 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.04 billion. The firm's revenue for the quarter 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. Investors of record on Friday, September 1st will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.54%. Mueller Industries's payout ratio is currently 10.54%.

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 shares were sold at an average price of $78.33, for a total value of $195,825.00. Following the transaction, the director now owns 59,681 shares in the company, valued at $4,674,812.73. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director John B. Hansen sold 2,500 shares of the firm's stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $78.33, for a total transaction of $195,825.00. Following the completion of the sale, the director now directly owns 59,681 shares of the company's stock, valued at approximately $4,674,812.73. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gregory L. Christopher sold 23,991 shares of the business's stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $76.05, for a total value of $1,824,515.55. Following the sale, the chief executive officer now directly owns 70,787 shares in the company, valued at $5,383,351.35. The disclosure for this sale can be found here. Insiders sold a total of 46,740 shares of company stock valued at $3,622,781 over the last ninety days. Insiders own 3.00% of the company's stock.

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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