Wealth Enhancement Advisory Services LLC Purchases New Position in Mueller Industries, Inc. (NYSE:MLI)

Wealth Enhancement Advisory Services LLC acquired a new position in shares of Mueller Industries, Inc. (NYSE:MLI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,388 shares of the industrial products company’s stock, valued at approximately $250,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MLI. Opal Wealth Advisors LLC purchased a new position in shares of Mueller Industries in the 2nd quarter worth approximately $30,000. Montag A & Associates Inc. bought a new stake in Mueller Industries during the fourth quarter worth $34,000. LifeSteps Financial Inc. purchased a new position in Mueller Industries in the first quarter worth $43,000. CWM LLC grew its stake 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. Finally, Nomura Asset Management Co. Ltd. increased its position in shares of Mueller Industries by 100.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,000 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 500 shares during the last quarter. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Mueller Industries

In related news, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $69.92, for a total value of $3,496,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,214,311 shares of the company’s stock, valued at approximately $84,904,625.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Elizabeth M. Donovan sold 2,000 shares of the business’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $57.73, for a total transaction of $115,460.00. Following the sale, the director now directly owns 24,733 shares in the company, valued at approximately $1,427,836.09. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gregory L. Christopher sold 50,000 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $69.92, for a total value of $3,496,000.00. Following the completion of the transaction, the chief executive officer now owns 1,214,311 shares of the company’s stock, valued at approximately $84,904,625.12. The disclosure for this sale can be found here. Insiders sold 105,000 shares of company stock worth $7,197,230 over the last quarter. Corporate insiders own 2.80% of the company’s stock.

Mueller Industries Stock Performance

Shares of NYSE:MLI opened at $70.71 on Tuesday. The company has a market capitalization of $8.03 billion, a P/E ratio of 14.17 and a beta of 1.06. The company’s 50-day moving average is $63.31 and its 200 day moving average is $57.39. Mueller Industries, Inc. has a fifty-two week low of $34.96 and a fifty-two week high of $72.68.

Mueller Industries (NYSE:MLI) last released its earnings results on Tuesday, July 23rd. The industrial products company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.12. Mueller Industries had a return on equity of 22.86% and a net margin of 16.19%. The business 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. Shareholders of record on Friday, September 6th will be given a dividend of $0.20 per share. 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 1.13%. Mueller Industries’s dividend payout ratio is presently 16.03%.

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.