Virtu Financial LLC Invests $278,000 in Mueller Industries, Inc. (NYSE:MLI)

Virtu Financial LLC purchased a new stake in Mueller Industries, Inc. (NYSE:MLI) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,758 shares of the industrial products company’s stock, valued at approximately $278,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MLI. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Mueller Industries in the second quarter valued at about $250,000. Raymond James & Associates grew its position in shares of Mueller Industries by 3.5% during the 2nd quarter. Raymond James & Associates now owns 61,622 shares of the industrial products company’s stock worth $3,509,000 after purchasing an additional 2,063 shares in the last quarter. Summit Global Investments increased its holdings in shares of Mueller Industries by 1.6% during the second quarter. Summit Global Investments now owns 12,844 shares of the industrial products company’s stock worth $731,000 after purchasing an additional 204 shares during the period. Fifth Third Bancorp raised its position in shares of Mueller Industries by 241.1% in the second quarter. Fifth Third Bancorp now owns 1,866 shares of the industrial products company’s stock valued at $106,000 after buying an additional 1,319 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC bought a new stake in shares of Mueller Industries in the second quarter valued at approximately $253,000. 94.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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 research note on Wednesday, December 11th.

Mueller Industries Stock Down 1.9 %

Shares of Mueller Industries stock opened at $82.48 on Wednesday. Mueller Industries, Inc. has a 12-month low of $44.18 and a 12-month high of $96.81. The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of 16.02 and a beta of 0.99. The firm’s 50-day moving average price is $82.64 and its two-hundred day moving average price is $71.12.

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

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given 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 dividend yield of 0.97%. Mueller Industries’s dividend payout ratio is currently 15.53%.

Insider Activity at Mueller Industries

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

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.