Proficio Capital Partners LLC Purchases New Stake in Mueller Industries, Inc. (NYSE:MLI)

Proficio Capital Partners LLC acquired a new position in shares of Mueller Industries, Inc. (NYSE:MLI) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 21,903 shares of the industrial products company’s stock, valued at approximately $1,738,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. CIBC Asset Management Inc increased its position in Mueller Industries by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 3,447 shares of the industrial products company’s stock worth $274,000 after purchasing an additional 174 shares during the last quarter. GM Advisory Group LLC lifted its stake in Mueller Industries by 5.3% during the third quarter. GM Advisory Group LLC now owns 3,792 shares of the industrial products company’s stock worth $281,000 after purchasing an additional 192 shares in the last quarter. Caprock Group LLC boosted its holdings in Mueller Industries by 2.3% during the 4th quarter. Caprock Group LLC now owns 8,495 shares of the industrial products company’s stock valued at $674,000 after acquiring an additional 194 shares during the period. Kestra Investment Management LLC grew its holdings in shares of Mueller Industries by 7.7% in the fourth quarter. Kestra Investment Management LLC now owns 3,045 shares of the industrial products company’s stock valued at $242,000 after purchasing an additional 218 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Mueller Industries by 46.7% during the 4th quarter. GAMMA Investing LLC now owns 810 shares of the industrial products company’s stock worth $64,000 after buying an additional 258 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

Analyst Upgrades and Downgrades

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 research report on Wednesday, December 11th.

Mueller Industries Stock Performance

Shares of MLI opened at $81.48 on Thursday. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81. The stock has a 50-day simple moving average of $80.20 and a 200-day simple moving average of $79.21. The stock has a market capitalization of $9.23 billion, a PE ratio of 15.34 and a beta of 0.99.

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

Mueller Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a dividend of $0.25 per share. This is a boost from Mueller Industries’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Friday, March 14th. Mueller Industries’s dividend payout ratio is currently 18.83%.

Insider Activity

In related news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $79.81, for a total value of $798,100.00. Following the transaction, the director now directly owns 56,098 shares of the company’s stock, 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 SEC, which is accessible through the SEC website. Company insiders own 2.80% 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, 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.