Bridgewater Advisors Inc. Lowers Holdings in Mueller Industries, Inc. (NYSE:MLI)

Bridgewater Advisors Inc. reduced its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 6.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 52,750 shares of the industrial products company’s stock after selling 3,523 shares during the period. Bridgewater Advisors Inc.’s holdings in Mueller Industries were worth $4,254,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. purchased a new position in shares of Mueller Industries in the second quarter valued at $28,000. GAMMA Investing LLC raised its position in shares of Mueller Industries by 36.0% during the 3rd quarter. GAMMA Investing LLC now owns 552 shares of the industrial products company’s stock valued at $41,000 after buying an additional 146 shares in the last quarter. Westside Investment Management Inc. purchased a new position in Mueller Industries in the third quarter worth about $41,000. City State Bank bought a new stake in Mueller Industries during the fourth quarter worth approximately $58,000. Finally, Harbor Capital Advisors Inc. purchased a new stake in Mueller Industries during the third quarter valued at approximately $64,000. Institutional investors own 94.50% of the company’s stock.

Mueller Industries Stock Up 0.2 %

MLI opened at $81.98 on Monday. Mueller Industries, Inc. has a 52 week low of $45.20 and a 52 week high of $96.81. The company has a market capitalization of $9.32 billion, a P/E ratio of 15.92 and a beta of 1.00. The stock’s fifty day moving average is $82.57 and its two-hundred day moving average is $75.03.

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

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Friday, December 6th. Mueller Industries’s dividend payout ratio (DPR) is 15.53%.

Analyst Upgrades and Downgrades

Separately, Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price target on the stock in a report on Wednesday, December 11th.

Insider Transactions at Mueller Industries

In related news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $83.09, for a total value of $83,090.00. Following the completion of the sale, the director now owns 94,914 shares in the company, valued at approximately $7,886,404.26. This trade represents a 1.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles P. Herzog, Jr. sold 15,000 shares of the business’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 $1,632,145.32. This represents a 45.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Mueller Industries Company 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.