Summit Global Investments Acquires 204 Shares of Mueller Industries, Inc. (NYSE:MLI)

Summit Global Investments grew its holdings in Mueller Industries, Inc. (NYSE:MLI) by 1.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,844 shares of the industrial products company’s stock after acquiring an additional 204 shares during the quarter. Summit Global Investments’ holdings in Mueller Industries were worth $731,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. CWM LLC boosted its holdings in Mueller Industries by 36.9% in the 1st quarter. CWM LLC now owns 827 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 223 shares during the period. Orion Portfolio Solutions LLC lifted its stake in shares of Mueller Industries by 0.7% in the first quarter. Orion Portfolio Solutions LLC now owns 32,845 shares of the industrial products company’s stock valued at $1,771,000 after buying an additional 240 shares during the period. Larson Financial Group LLC grew its position in Mueller Industries by 100.0% during the fourth quarter. Larson Financial Group LLC now owns 598 shares of the industrial products company’s stock worth $28,000 after buying an additional 299 shares in the last quarter. Verity Asset Management Inc. increased its stake in Mueller Industries by 6.8% during the first quarter. Verity Asset Management Inc. now owns 4,763 shares of the industrial products company’s stock valued at $257,000 after acquiring an additional 303 shares during the period. Finally, Parkside Financial Bank & Trust increased its stake in Mueller Industries by 51.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,373 shares of the industrial products company’s stock valued at $65,000 after acquiring an additional 466 shares during the period. 94.50% of the stock is owned by institutional investors.

Mueller Industries Stock Down 1.6 %

Shares of MLI stock traded down $1.12 during mid-day trading on Tuesday, reaching $67.88. The stock had a trading volume of 458,131 shares, compared to its average volume of 688,727. Mueller Industries, Inc. has a one year low of $34.96 and a one year high of $72.68. The firm has a market cap of $7.71 billion, a PE ratio of 13.60 and a beta of 1.06. The firm’s 50 day simple moving average is $62.15 and its 200 day simple moving average is $56.79.

Mueller Industries (NYSE:MLI) last issued its earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.29 by $0.12. Mueller Industries had a return on equity of 22.86% and a net margin of 16.19%. The firm had revenue of $997.75 million during the quarter.

Mueller Industries Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. Mueller Industries’s payout ratio is currently 16.03%.

Insider Buying and Selling

In other Mueller Industries news, CEO Gregory L. Christopher sold 45,000 shares of Mueller Industries stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $67.73, for a total transaction of $3,047,850.00. Following the sale, the chief executive officer now directly owns 1,264,311 shares of the company’s stock, valued at $85,631,784.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Mueller Industries news, CEO Gregory L. Christopher sold 45,000 shares of Mueller Industries stock in a transaction on Wednesday, August 14th. The stock was 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 directly owns 1,264,311 shares of the company’s stock, valued at $85,631,784.03. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Elizabeth M. Donovan sold 2,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $57.73, for a total transaction of $115,460.00. Following the completion of the sale, the director now directly owns 24,733 shares in the company, valued at approximately $1,427,836.09. The disclosure for this sale can be found here. Insiders sold 55,000 shares of company stock valued at $3,701,230 over the last quarter. Corporate insiders own 2.80% of the company’s stock.

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.