Norges Bank Takes $17.33 Million Position in Mueller Industries, Inc. (MLI)

Norges Bank bought a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 741,707 shares of the industrial products company’s stock, valued at approximately $17,327,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quantamental Technologies LLC bought a new stake in shares of Mueller Industries during the 4th quarter valued at $97,000. BlueMountain Capital Management LLC grew its position in shares of Mueller Industries by 111.3% during the 3rd quarter. BlueMountain Capital Management LLC now owns 5,446 shares of the industrial products company’s stock valued at $158,000 after acquiring an additional 2,869 shares during the period. First Republic Investment Management Inc. bought a new stake in shares of Mueller Industries during the 3rd quarter valued at $209,000. GSA Capital Partners LLP bought a new stake in shares of Mueller Industries during the 3rd quarter valued at $228,000. Finally, Public Employees Retirement System of Ohio grew its position in shares of Mueller Industries by 8.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 7,935 shares of the industrial products company’s stock valued at $185,000 after acquiring an additional 627 shares during the period. Institutional investors own 93.39% of the company’s stock.

A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Mueller Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 10th. ValuEngine raised shares of Mueller Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, February 5th. Finally, TheStreet raised shares of Mueller Industries from a “c+” rating to a “b” rating in a research report on Wednesday, February 6th.

Shares of Mueller Industries stock opened at $28.75 on Friday. The firm has a market capitalization of $1.63 billion, a P/E ratio of 15.46 and a beta of 1.43. The company has a quick ratio of 1.60, a current ratio of 3.56 and a debt-to-equity ratio of 0.96. Mueller Industries, Inc. has a fifty-two week low of $21.49 and a fifty-two week high of $34.24.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, April 23rd. The industrial products company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.29). The firm had revenue of $661.80 million during the quarter. Mueller Industries had a return on equity of 19.32% and a net margin of 3.87%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. On average, sell-side analysts forecast that Mueller Industries, Inc. will post 1.9 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.39%. The ex-dividend date of this dividend was Thursday, March 14th. Mueller Industries’s dividend payout ratio is currently 21.51%.

In related news, Director Scott Jay Goldman sold 1,000 shares of the company’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $32.75, for a total value of $32,750.00. Following the completion of the transaction, the director now owns 10,700 shares of the company’s stock, valued at approximately $350,425. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Gregory L. Christopher sold 50,000 shares of the company’s stock in a transaction on Thursday, February 28th. The stock was sold at an average price of $32.69, for a total transaction of $1,634,500.00. Following the completion of the transaction, the chairman now directly owns 406,069 shares of the company’s stock, valued at approximately $13,274,395.61. The disclosure for this sale can be found here. Corporate insiders own 3.30% of the company’s stock.

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Mueller Industries Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, and line sets for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems.

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Institutional Ownership by Quarter for Mueller Industries (NYSE:MLI)

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