10 Cash-Rich Mid Cap Stocks To Buy Now

7. Mueller Industries, Inc. (NYSE:MLI)

Number of Hedge Fund Holders: 34

Cash and Cash Equivalents as of December 31, 2024: $1,059,103,000

Mueller Industries, Inc. (NYSE:MLI) is a prominent player in the manufacturing sector, producing copper, brass, aluminum, and plastic products across the US, the UK, Canada, South Korea, the Middle East, China, and Mexico. It is one of the best cash rich stocks to watch out for. In August 2024, Mueller acquired Elkhart Products Corporation, an American manufacturer of copper solder fittings with plants in Indiana and Arkansas. The deal was expected to speed up the recovery of Mueller’s copper fittings business in Covington, Tennessee, which was hit hard by a tornado in 2023.

In the fourth quarter of 2024, Mueller Industries, Inc. (NYSE:MLI)’s net sales increased to $191.2 million, driven by recent acquisitions and stronger demand for US construction products. Higher copper prices also contributed, with COMEX copper averaging $4.22 per pound, up 13% from the previous year. The company generated $140.1 million in cash from operations in Q4 and $645.9 million for the year, ending with $1.06 billion in cash and short-term investments. On February 21, 2025, Mueller declared a $0.25 per share quarterly dividend, a 25% increase from its earlier dividend of $0.20. The dividend is payable on March 28, to shareholders on record as of March 14.

Among the hedge funds tracked by Insider Monkey in the fourth quarter, 34 funds were bullish on Mueller Industries, Inc. (NYSE:MLI), compared to 27 funds in the prior quarter. Mario Gabelli’s GAMCO Investors is the largest stakeholder of the company, with 2.70 million shares valued at $214.5 million.