10,458 Shares in Mueller Industries, Inc. (NYSE:MLI) Purchased by Cibc World Markets Corp

Cibc World Markets Corp acquired a new position in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 10,458 shares of the industrial products company's stock, valued at approximately $830,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp increased its stake in Mueller Industries by 3.2% in 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 during the period. Charles Schwab Investment Management Inc. boosted its position in 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 buying an additional 315,490 shares during the period. FMR LLC grew its holdings in Mueller Industries by 2.6% in the 3rd quarter. FMR LLC now owns 1,066,658 shares of the industrial products company's stock worth $79,039,000 after acquiring an additional 27,399 shares during the last quarter. Systematic Financial Management LP increased its position in shares of Mueller Industries by 1.6% in the third 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 period. Finally, Allianz Asset Management GmbH raised its stake in shares of Mueller Industries by 135.7% during the fourth quarter. Allianz Asset Management GmbH now owns 508,333 shares of the industrial products company's stock valued at $40,341,000 after acquiring an additional 292,697 shares during the last quarter. Institutional investors own 94.50% of the company's stock.

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Mueller Industries Stock Down 0.4 %

Shares of MLI traded down $0.29 during mid-day trading on Wednesday, hitting $78.93. 435,943 shares of the company's stock traded hands, compared to its average volume of 833,285. The firm has a market capitalization of $8.94 billion, a P/E ratio of 14.86 and a beta of 0.99. The business's 50-day moving average price is $80.16 and its 200-day moving average price is $79.58. Mueller Industries, Inc. has a 1 year low of $50.85 and a 1 year high of $96.81.

Mueller Industries (NYSE:MLI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share (EPS) 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 business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $0.25 dividend. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date is Friday, March 14th. Mueller Industries's dividend payout ratio is presently 18.83%.

Analysts Set New Price Targets

Separately, Northcoast Research raised Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 target price on the stock in a research note on Wednesday, December 11th.

Insiders Place Their Bets

In other news, Director Scott Jay Goldman sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $79.81, for a total value of $798,100.00. Following the completion of the transaction, the director now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is currently owned by company insiders.

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.