LPL Financial LLC Buys 60,354 Shares of Mueller Industries, Inc. (NYSE:MLI)

LPL Financial LLC lifted its position in Mueller Industries, Inc. (NYSE:MLI) by 59.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,041 shares of the industrial products company’s stock after buying an additional 60,354 shares during the quarter. LPL Financial LLC owned about 0.14% of Mueller Industries worth $12,780,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Fox Run Management L.L.C. acquired a new position in shares of Mueller Industries during the 4th quarter worth about $670,000. KLP Kapitalforvaltning AS acquired a new position in Mueller Industries during the fourth quarter worth approximately $2,286,000. Knights of Columbus Asset Advisors LLC raised its stake in Mueller Industries by 167.6% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 6,978 shares of the industrial products company’s stock valued at $554,000 after buying an additional 4,370 shares during the period. AXQ Capital LP acquired a new stake in shares of Mueller Industries in the fourth quarter valued at approximately $244,000. Finally, Virtu Financial LLC boosted its stake in shares of Mueller Industries by 148.8% during the 4th quarter. Virtu Financial LLC now owns 9,350 shares of the industrial products company’s stock worth $742,000 after acquiring an additional 5,592 shares during the period. 94.50% of the stock is currently owned by institutional investors and hedge funds.

Mueller Industries Stock Up 2.5 %

Shares of MLI stock opened at $79.49 on Thursday. Mueller Industries, Inc. has a 12-month low of $50.85 and a 12-month high of $96.81. The firm has a 50 day moving average price of $79.66 and a two-hundred day moving average price of $79.91. The company has a market capitalization of $9.00 billion, a PE ratio of 14.97 and a beta of 0.99.

Mueller Industries (NYSE:MLI) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a $0.25 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.26%. This is an increase from Mueller Industries’s previous quarterly dividend of $0.20. Mueller Industries’s payout ratio is currently 18.83%.

Insider Transactions at Mueller Industries

In other news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction 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 sale, the director now directly owns 56,098 shares of the company’s stock, valued at approximately $4,477,181.38. This represents a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.80% of the company’s stock.

Wall Street Analyst Weigh In

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

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.