Oppenheimer Asset Management Inc. Takes $320,000 Position in Mueller Industries, Inc. (NYSE:MLI)

Oppenheimer Asset Management Inc. acquired a new position in Mueller Industries, Inc. (NYSE:MLI) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,324 shares of the industrial products company’s stock, valued at approximately $320,000.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Mueller Industries by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 12,359,057 shares of the industrial products company’s stock worth $666,524,000 after buying an additional 59,060 shares during the last quarter. UniSuper Management Pty Ltd purchased a new stake in shares of Mueller Industries during the 1st quarter valued at $1,056,000. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Mueller Industries by 3.8% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 114,326 shares of the industrial products company’s stock valued at $6,166,000 after purchasing an additional 4,162 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Mueller Industries during the 1st quarter worth $67,000. Finally, Advisors Asset Management Inc. grew its stake in Mueller Industries by 17.8% during the 1st quarter. Advisors Asset Management Inc. now owns 49,176 shares of the industrial products company’s stock worth $2,652,000 after buying an additional 7,415 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.

Insider Activity

In related news, Director John B. Hansen sold 1,000 shares of Mueller Industries stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $83.09, for a total value of $83,090.00. Following the sale, the director now directly owns 94,914 shares in the company, valued at approximately $7,886,404.26. The trade was a 1.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.80% of the company’s stock.

Mueller Industries Price Performance

Shares of MLI opened at $91.03 on Thursday. The firm has a market capitalization of $10.35 billion, a PE ratio of 17.68 and a beta of 1.01. The company’s fifty day moving average price is $78.77 and its 200-day moving average price is $67.92. Mueller Industries, Inc. has a 1-year low of $40.43 and a 1-year high of $96.81.

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

Mueller Industries Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend is Friday, December 6th. Mueller Industries’s payout ratio is currently 15.53%.

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.