Raymond James Financial Inc. Invests $6.86 Million in Mueller Industries, Inc. (NYSE:MLI)

Raymond James Financial Inc. purchased a new stake in Mueller Industries, Inc. (NYSE:MLI - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 86,373 shares of the industrial products company's stock, valued at approximately $6,855,000. Raymond James Financial Inc. owned approximately 0.08% of Mueller Industries at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MLI. Charles Schwab Investment Management Inc. boosted its position 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 worth $108,907,000 after purchasing an additional 315,490 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of Mueller Industries by 135.7% during the 4th 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 period. Four Tree Island Advisory LLC purchased a new stake in shares of Mueller Industries during the 4th quarter worth approximately $19,376,000. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Mueller Industries by 77.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 393,417 shares of the industrial products company's stock worth $29,152,000 after acquiring an additional 171,671 shares during the period. Finally, Barclays PLC increased its stake in Mueller Industries by 343.9% in the 3rd quarter. Barclays PLC now owns 197,206 shares of the industrial products company's stock valued at $14,613,000 after purchasing an additional 152,780 shares in the last quarter. Institutional investors and hedge funds own 94.50% of the company's stock.

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Mueller Industries Stock Performance

NYSE:MLI traded down $0.05 during mid-day trading on Tuesday, hitting $79.42. 229,365 shares of the company's stock traded hands, compared to its average volume of 833,772. The company has a market cap of $9.00 billion, a PE ratio of 14.95 and a beta of 0.99. The firm's 50 day simple moving average is $80.19 and its 200 day simple moving average is $79.48. 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, 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 business 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 $0.25 dividend. This is an increase from Mueller Industries's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend is Friday, March 14th. Mueller Industries's dividend payout ratio is currently 18.83%.

Wall Street Analysts Forecast Growth

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

Insider Activity at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 10,000 shares of the firm's stock in a transaction dated Thursday, February 13th. The shares were 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 $4,477,181.38. This trade represents a 15.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.80% of the company's stock.

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.