World Investment Advisors LLC Makes New Investment in Mueller Industries, Inc. (NYSE:MLI)

World Investment Advisors LLC purchased a new stake in Mueller Industries, Inc. (NYSE:MLI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 29,228 shares of the industrial products company’s stock, valued at approximately $2,166,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its position in shares of Mueller Industries by 3.2% during the third quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock valued at $329,830,000 after acquiring an additional 139,406 shares during the last quarter. LSV Asset Management increased its holdings 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 valued at $119,271,000 after purchasing an additional 641,114 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Mueller Industries by 27.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after purchasing an additional 315,490 shares during the period. Bank of New York Mellon Corp lifted its stake in Mueller Industries by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 1,176,468 shares of the industrial products company’s stock worth $66,988,000 after purchasing an additional 7,756 shares in the last quarter. Finally, FMR LLC boosted its position in shares of Mueller Industries by 2.6% during the third quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock worth $79,039,000 after buying an additional 27,399 shares during the period. Institutional investors and hedge funds own 94.50% of the company’s stock.

Insiders Place Their Bets

In related news, Director John B. Hansen sold 1,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total transaction of $83,090.00. Following the completion of the transaction, the director now owns 94,914 shares in the company, valued at approximately $7,886,404.26. The trade was a 1.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $92.04, for a total value of $1,380,600.00. Following the completion of the sale, the director now owns 17,733 shares in the company, valued at approximately $1,632,145.32. This represents a 45.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Northcoast Research upgraded Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective on the stock in a report on Wednesday.

Mueller Industries Stock Performance

Shares of MLI opened at $82.48 on Friday. The stock has a market capitalization of $9.38 billion, a PE ratio of 16.02 and a beta of 0.99. The company’s 50-day simple moving average is $82.18 and its 200-day simple moving average is $70.68. Mueller Industries, Inc. has a 1 year low of $44.03 and a 1 year high of $96.81.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, October 22nd. The industrial products company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.32 by $0.16. Mueller Industries had a net margin of 16.39% and a return on equity of 23.25%. The company had revenue of $997.80 million during the quarter, compared to analysts’ expectations of $936.00 million. The business’s quarterly revenue was up 21.7% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.80 annualized dividend and a yield of 0.97%. Mueller Industries’s payout ratio is 15.53%.

About Mueller Industries

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.