Mueller Industries, Inc. (NYSE:MLI) Stake Cut by Private Advisor Group LLC

Private Advisor Group LLC reduced its holdings in Mueller Industries, Inc. (NYSE:MLI) by 10.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,277 shares of the industrial products company’s stock after selling 585 shares during the period. Private Advisor Group LLC’s holdings in Mueller Industries were worth $419,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. State Street Corp raised its stake in shares of Mueller Industries by 3.2% during the 3rd quarter. State Street Corp now owns 4,451,143 shares of the industrial products company’s stock worth $329,830,000 after purchasing an additional 139,406 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Mueller Industries by 27.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,469,736 shares of the industrial products company’s stock valued at $108,907,000 after acquiring an additional 315,490 shares during the last quarter. FMR LLC increased its holdings in shares of Mueller Industries by 2.6% during the 3rd quarter. FMR LLC now owns 1,066,658 shares of the industrial products company’s stock valued at $79,039,000 after acquiring an additional 27,399 shares during the last quarter. Systematic Financial Management LP increased its holdings in shares of Mueller Industries by 1.6% during the 3rd quarter. Systematic Financial Management LP now owns 939,342 shares of the industrial products company’s stock valued at $69,605,000 after acquiring an additional 14,729 shares during the last quarter. Finally, Fiera Capital Corp acquired a new position in shares of Mueller Industries during the 3rd quarter valued at about $35,552,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Mueller Industries Stock Down 1.6 %

MLI opened at $78.22 on Wednesday. The firm has a market capitalization of $8.86 billion, a P/E ratio of 14.73 and a beta of 0.98. The stock’s 50 day moving average price is $80.18 and its two-hundred day moving average price is $78.41. Mueller Industries, Inc. has a 12-month low of $49.95 and a 12-month high of $96.81.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.09. Mueller Industries had a return on equity of 22.97% and a net margin of 16.05%.

Mueller Industries Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.28%. The ex-dividend date is Friday, March 14th. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s dividend payout ratio (DPR) is 18.83%.

Insider Buying and Selling

In related news, Director Scott Jay Goldman sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total transaction of $798,100.00. Following the completion of the transaction, the director now owns 56,098 shares in the company, valued at $4,477,181.38. This trade represents a 15.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Northcoast Research raised Mueller Industries from a “neutral” rating to a “buy” rating and set a $105.00 price objective on the stock in a report on Wednesday, December 11th.

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.