Proficio Capital Partners LLC Buys Shares of 21,903 Mueller Industries, Inc. (NYSE:MLI)

Proficio Capital Partners LLC bought a new stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 21,903 shares of the industrial products company's stock, valued at approximately $1,738,000.

Several other institutional investors have also recently made changes to their positions in the stock. State Street Corp lifted 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 valued at $329,830,000 after purchasing an additional 139,406 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Mueller Industries in the fourth quarter valued at approximately $300,000. Merit Financial Group LLC bought a new position in shares of Mueller Industries during the 4th quarter worth approximately $287,000. Rhumbline Advisers increased its holdings in shares of Mueller Industries by 13.7% during the 4th quarter. Rhumbline Advisers now owns 364,095 shares of the industrial products company's stock worth $28,895,000 after acquiring an additional 43,893 shares during the last quarter. Finally, Congress Asset Management Co. raised its stake in Mueller Industries by 6.5% in the 4th quarter. Congress Asset Management Co. now owns 202,636 shares of the industrial products company's stock valued at $16,081,000 after acquiring an additional 12,450 shares during the period. Institutional investors and hedge funds own 94.50% of the company's stock.

Mueller Industries Trading Down 1.2 %

MLI stock traded down $0.97 during mid-day trading on Monday, hitting $81.09. 1,360,431 shares of the company were exchanged, compared to its average volume of 828,352. Mueller Industries, Inc. has a 1-year low of $50.84 and a 1-year high of $96.81. The stock has a market capitalization of $9.18 billion, a PE ratio of 15.27 and a beta of 0.99. The business has a 50 day simple moving average of $80.14 and a 200-day simple moving average of $78.72.

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Mueller Industries (NYSE:MLI - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.21 earnings per share for the quarter, topping 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 announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, March 14th. 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%. Mueller Industries's dividend payout ratio (DPR) is currently 18.83%.

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of Mueller Industries stock in a transaction 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 directly owns 56,098 shares of the company's stock, valued at $4,477,181.38. The trade was a 15.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Separately, Northcoast Research raised shares of Mueller Industries from a "neutral" rating to a "buy" rating and set a $105.00 price objective for the company in a research 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.