Eagle Ridge Investment Management Makes New $201,000 Investment in Mueller Industries, Inc. (NYSE:MLI)

Eagle Ridge Investment Management bought a new position in Mueller Industries, Inc. (NYSE:MLI) in the third quarter, HoldingsChannel reports. The fund bought 2,712 shares of the industrial products company’s stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MLI. LSV Asset Management lifted its position in Mueller Industries by 44.1% in the 2nd quarter. LSV Asset Management now owns 2,094,682 shares of the industrial products company’s stock worth $119,271,000 after buying an additional 641,114 shares in the last quarter. F M Investments LLC acquired a new position in shares of Mueller Industries during the 2nd quarter worth $14,441,000. Massachusetts Financial Services Co. MA increased its stake in shares of Mueller Industries by 1,124.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 98,920 shares of the industrial products company’s stock worth $5,633,000 after purchasing an additional 90,841 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Mueller Industries by 163.6% during the 2nd quarter. Bank of Montreal Can now owns 118,527 shares of the industrial products company’s stock worth $6,790,000 after purchasing an additional 73,567 shares during the last quarter. Finally, Vest Financial LLC increased its stake in shares of Mueller Industries by 18.2% during the 2nd quarter. Vest Financial LLC now owns 414,417 shares of the industrial products company’s stock worth $23,597,000 after purchasing an additional 63,828 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Up 1.0 %

Shares of MLI opened at $81.79 on Friday. The company’s fifty day moving average is $71.51 and its 200-day moving average is $63.39. Mueller Industries, Inc. has a 12 month low of $36.39 and a 12 month high of $84.11. The firm has a market cap of $9.29 billion, a price-to-earnings ratio of 16.39 and a beta of 1.03.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.32 by $0.16. Mueller Industries had a net margin of 16.19% and a return on equity of 22.86%. The company had revenue of $997.80 million for the quarter, compared to analyst estimates of $936.00 million. The business’s revenue for the quarter was up 21.7% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were paid a $0.20 dividend. The ex-dividend date was Friday, September 6th. This represents a $0.80 dividend on an annualized basis and a yield of 0.98%. Mueller Industries’s payout ratio is presently 16.03%.

Insider Activity at Mueller Industries

In related news, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total value of $3,496,000.00. Following the transaction, the chief executive officer now directly owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total value of $3,496,000.00. Following the transaction, the chief executive officer now directly owns 1,214,311 shares in the company, valued at approximately $84,904,625.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Gregory L. Christopher sold 45,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $67.73, for a total transaction of $3,047,850.00. Following the completion of the transaction, the chief executive officer now owns 1,264,311 shares in the company, valued at $85,631,784.03. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 103,000 shares of company stock worth $7,081,770. 2.80% of the stock is owned by insiders.

Mueller Industries Profile

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.