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Jun 17, 2023

Russell Investments Group Ltd. Lowers Holdings in Mueller Industries, Inc. (NYSE:MLI)

Russell Investments Group Ltd. trimmed its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 43.3% during the 1st quarter, according to the company in its most recent Form 13F filing

Russell Investments Group Ltd. trimmed its holdings in Mueller Industries, Inc. (NYSE:MLI - Free Report) by 43.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,047 shares of the industrial products company's stock after selling 15,292 shares during the quarter. Russell Investments Group Ltd.'s holdings in Mueller Industries were worth $1,473,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. U.S. Capital Wealth Advisors LLC acquired a new position in Mueller Industries in the fourth quarter valued at approximately $36,000. Point72 Hong Kong Ltd purchased a new position in Mueller Industries in the second quarter valued at $40,000. Federated Hermes Inc. increased its holdings in Mueller Industries by 54.9% in the third quarter. Federated Hermes Inc. now owns 841 shares of the industrial products company's stock valued at $50,000 after buying an additional 298 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in Mueller Industries in the fourth quarter valued at $52,000. Finally, EMC Capital Management purchased a new position in Mueller Industries in the fourth quarter valued at $84,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Separately, StockNews.com initiated coverage on Mueller Industries in a report on Thursday, August 17th. They issued a "hold" rating on the stock.

Read Our Latest Stock Report on Mueller Industries

In other news, Director John B. Hansen sold 2,500 shares of the company's stock in a transaction on Thursday, August 3rd. The shares were 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 owns 59,681 shares of the company's stock, valued at $4,674,812.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.80% of the company's stock.

Shares of MLI opened at $78.06 on Wednesday. The firm has a market cap of $4.43 billion, a P/E ratio of 6.85 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 stock's 50 day moving average is $82.31 and its two-hundred day moving average is $77.01.

Mueller Industries (NYSE:MLI - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $897.00 million for the quarter, compared to the consensus estimate of $1.04 billion. Mueller Industries had a net margin of 17.46% and a return on equity of 33.92%. The firm's revenue was down 22.0% on a year-over-year basis.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.30 per share. 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%.

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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