Bank of New York Mellon Corp Increases Stake in Mueller Industries, Inc. (NYSE:MLI)

Bank of New York Mellon Corp boosted its position in Mueller Industries, Inc. (NYSE:MLI) by 1.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 827,959 shares of the industrial products company’s stock after buying an additional 10,289 shares during the period. Bank of New York Mellon Corp owned approximately 1.44% of Mueller Industries worth $24,434,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Rhumbline Advisers raised its stake in Mueller Industries by 1.3% in the second quarter. Rhumbline Advisers now owns 157,900 shares of the industrial products company’s stock worth $4,660,000 after buying an additional 2,090 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Mueller Industries during the second quarter valued at approximately $710,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Mueller Industries during the second quarter valued at approximately $359,000. IndexIQ Advisors LLC increased its stake in shares of Mueller Industries by 9.1% during the second quarter. IndexIQ Advisors LLC now owns 83,615 shares of the industrial products company’s stock valued at $2,467,000 after purchasing an additional 6,952 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Mueller Industries by 13.8% during the second quarter. First Trust Advisors LP now owns 285,386 shares of the industrial products company’s stock valued at $8,422,000 after acquiring an additional 34,630 shares in the last quarter. 91.97% of the stock is owned by institutional investors and hedge funds.

MLI stock traded down $0.35 on Friday, hitting $27.21. The company had a trading volume of 111,531 shares, compared to its average volume of 237,126. Mueller Industries, Inc. has a 12-month low of $25.26 and a 12-month high of $37.57. The company has a current ratio of 3.43, a quick ratio of 2.35 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.67 billion, a P/E ratio of 18.26 and a beta of 1.44.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 24th. The industrial products company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.04. The company had revenue of $662.77 million for the quarter, compared to analysts’ expectations of $663.41 million. Mueller Industries had a net margin of 3.59% and a return on equity of 16.10%. As a group, equities analysts predict that Mueller Industries, Inc. will post 1.82 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 21st. Stockholders of record on Friday, September 7th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Thursday, September 6th. Mueller Industries’s dividend payout ratio is presently 26.85%.

In related news, Director John B. Hansen sold 4,000 shares of Mueller Industries stock in a transaction on Thursday, July 26th. The shares were sold at an average price of $32.25, for a total transaction of $129,000.00. Following the transaction, the director now owns 45,607 shares in the company, valued at approximately $1,470,825.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Scott Jay Goldman bought 1,000 shares of the stock in a transaction that occurred on Friday, August 24th. The shares were purchased at an average price of $33.24 per share, for a total transaction of $33,240.00. Following the purchase, the director now owns 11,000 shares in the company, valued at approximately $365,640. The disclosure for this purchase can be found here. Insiders have sold a total of 9,500 shares of company stock worth $306,220 in the last quarter. Corporate insiders own 2.80% of the company’s stock.

Separately, ValuEngine downgraded shares of Mueller Industries from a “hold” rating to a “sell” rating in a research report on Monday, September 17th.

About Mueller Industries

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, plastic fittings, line sets, and related components 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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