Fifth Third Bancorp Increases Holdings in Mueller Industries, Inc. (NYSE:MLI)

Fifth Third Bancorp raised its stake in shares of Mueller Industries, Inc. (NYSE:MLI) by 241.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,866 shares of the industrial products company’s stock after buying an additional 1,319 shares during the period. Fifth Third Bancorp’s holdings in Mueller Industries were worth $106,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MLI. Opal Wealth Advisors LLC purchased a new stake in Mueller Industries during the 2nd quarter valued at $30,000. Montag A & Associates Inc. purchased a new stake in Mueller Industries during the 4th quarter valued at $34,000. LifeSteps Financial Inc. purchased a new stake in Mueller Industries during the 1st quarter valued at $43,000. CWM LLC raised its stake in Mueller Industries by 36.9% during the 1st quarter. CWM LLC now owns 827 shares of the industrial products company’s stock valued at $45,000 after buying an additional 223 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew 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 acquiring an additional 500 shares during the period. 94.50% of the stock is currently owned by hedge funds and other institutional investors.

Mueller Industries Price Performance

Shares of MLI stock opened at $70.77 on Monday. Mueller Industries, Inc. has a 1 year low of $34.96 and a 1 year high of $72.68. The firm has a fifty day moving average price of $63.00 and a 200-day moving average price of $57.24. The company has a market cap of $8.04 billion, a price-to-earnings ratio of 14.18 and a beta of 1.06.

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

Mueller Industries Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Friday, September 6th. Mueller Industries’s payout ratio is 16.03%.

Insider Activity

In other news, Director Elizabeth M. Donovan sold 2,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were 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 owns 24,733 shares of the company’s stock, valued at approximately $1,427,836.09. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director John B. Hansen sold 8,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $67.24, for a total value of $537,920.00. Following the completion of the transaction, the director now owns 95,914 shares of the company’s stock, valued at approximately $6,449,257.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Elizabeth M. Donovan sold 2,000 shares of the company’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 completion of the transaction, the director now directly owns 24,733 shares of the company’s stock, valued at approximately $1,427,836.09. The disclosure for this sale can be found here. Insiders sold a total of 55,000 shares of company stock valued at $3,701,230 in the last 90 days. Company 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.