Mueller Industries (MLI) Coverage Initiated by Analysts at Boenning Scattergood

Boenning Scattergood assumed coverage on shares of Mueller Industries (NYSE:MLI) in a research report released on Friday morning, MarketBeat.com reports. The firm issued a neutral rating on the industrial products company’s stock.

Separately, TheStreet downgraded Mueller Industries from a b rating to a c rating in a research report on Tuesday, February 6th.

MLI stock traded down $0.02 during midday trading on Friday, hitting $29.94. The company had a trading volume of 568,659 shares, compared to its average volume of 263,092. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.03 and a current ratio of 3.58. Mueller Industries has a 52 week low of $25.26 and a 52 week high of $37.57. The company has a market capitalization of $1.72 billion, a P/E ratio of 20.81 and a beta of 1.42.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, June 1st will be given a $0.10 dividend. The ex-dividend date is Thursday, May 31st. This represents a $0.40 annualized dividend and a yield of 1.34%.

In related news, insider Gary Westermeyer acquired 1,000 shares of the stock in a transaction on Thursday, February 22nd. The stock was purchased at an average price of $26.95 per share, for a total transaction of $26,950.00. Following the completion of the transaction, the insider now owns 15,292 shares of the company’s stock, valued at approximately $412,119.40. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 2.80% of the company’s stock.

A number of hedge funds have recently made changes to their positions in MLI. Wells Fargo & Company MN lifted its position in Mueller Industries by 22.6% in the first quarter. Wells Fargo & Company MN now owns 2,693,809 shares of the industrial products company’s stock valued at $70,470,000 after purchasing an additional 497,397 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Mueller Industries by 3.3% during the fourth quarter. BlackRock Inc. now owns 7,424,345 shares of the industrial products company’s stock valued at $263,045,000 after acquiring an additional 237,601 shares in the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of Mueller Industries by 5.4% during the first quarter. Gamco Investors INC. ET AL now owns 4,020,885 shares of the industrial products company’s stock valued at $105,186,000 after acquiring an additional 205,505 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Mueller Industries during the fourth quarter valued at approximately $4,276,000. Finally, Carmignac Gestion raised its holdings in shares of Mueller Industries by 35.3% during the first quarter. Carmignac Gestion now owns 460,000 shares of the industrial products company’s stock valued at $12,034,000 after acquiring an additional 120,000 shares in the last quarter. Hedge funds and other institutional investors own 93.99% of the company’s stock.

About Mueller Industries

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, Asia, and Mexico. Its Piping Systems segment manufactures copper tubes and fittings, plastic fittings, line sets, and related components for water distribution system, heating system, air-conditioning, and refrigeration applications, as well as drainage, waste, and vent systems.

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